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Court Of Cassation Ruled In Favor Of One Of Subsidiaries Of Kotc In Recovering 31.5 Million From Frozen Accounts
The Court of Cassation ruled in favor of one of the subsidiaries of Kuwait Oil Tankers Company (KOTC) in recovering $31.5 million from the frozen accounts of the second defendant in the embezzlement case Hassan Qabazard, reports Aljarida daily. The Public Prosecutor’s Office had frozen the accounts of the deputy managing director of financial and administrative affairs in KOTC in 1990, Qabazard, who is currently in prison. The court confirmed that Qabazard in 1990 had contracted to sell the wreckage of a company ship following a fire incident. He kept the profits for himself by making amendments to the contract. He had failed to present the value of the sale of the ship to the company, causing a loss of $31.5 million.
SOURCE : ARABTIMES
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