In a landmark precedent involving disclosure laws, on June 24, 2007 the Court of Appeals upheld a Court of First Instance judgment. The favorable ruling extended to 10 cases involving the Al Kharafi Family and the Kharafi Group.

The underlying Court of First Instance judgment overturned a decision of the Kuwaiti Stock Exchange Committee (“KSE”). On 15 November 2006 the KSE had suspended the shareholder general assembly voting rights of the Al Kharafi family and the Kharafi Group in the listed company, Al Mal Investment Company KSC(C) and other companies.  The Court’s ruling that overturned the KSE’s decision adopted ASAR’s interpretation of Disclosure Law No. 2 of 1999, Article 2 (d) which relates to the disclosure of shareholding interests in listed companies. The ruling reinstated the suspended voting rights as well as awarded temporary compensatory damages, attorney fees and costs to the Al Kharafi Family and the Kharafi Group. 

The KSE filed an appeal of the Court of First Instance judgment. ASAR represented the Al Kharafi Family and the Kharafi Group before the Court of Appeals which ultimately rejected the appeal and affirmed the lower court decision.