In accordance with a bourse statement (pdf), Warba Bank has received a notification from the Bankruptcy Department regarding a judge's decision on the application submitted by Mishref General Trading and Contracting Company. The decision, issued on December 24th 2023, suspends all judicial claims and enforcement measures against Mishref for a period of three months from the date of its issuance.  

Warba Bank has clarified that the aforementioned judgment has been appealed by Mishref General Trading and Contracting Company and the Ministry of Public Works. The appeal is scheduled to be considered in the session on March 6, 2024.  

In April 2022, Warba Bank had announced a favorable appeal ruling in a case involving the urgent liquidation of bank guarantees, suspension of project work withdrawal procedures, and the appointment of an expert to revoke the project withdrawal decision. The lawsuit was filed by Mishref against the agent of Works, Warba Bank, and the legal representative of Dar Mazen Al-Sanea for Engineering Consultants. 

The initial judgment had ordered the Undersecretary of Works to pay the bank 1.01 million dinars and release two letters of guarantee to Mishref Company. Furthermore, it obligated the Undersecretary of the Ministry to bear the expenses