Latest news with #492.500
Gulf Insider
04-05-2025
- Business
- Gulf Insider
Bahrain: Firm Ordered to Return BD8,450 in Loan Dispute
A Bahraini firm has been told to repay BD8,450 after the High Civil Court found it had accepted money for an investment deal that strayed beyond the business it was licensed to carry out. The case was brought by a claimant who had transferred the sum in October 2023. He was represented in court by lawyer Jassim Al Essa. The money was handed over through BenefitPay, under a resale agreement in which the firm was to use the amount to buy goods and then sell them back at a higher price. Difference Profit was expected to come from the difference. Monthly returns were supposed to start the following month. The court, sitting on 30 April 2025, ruled that this was in fact a loan dressed up as an investment. While the agreement had promised returns amounting to BD5,492.500, the court refused to enforce that part of the claim. Interest on civil loans is banned under Article 228 of the Civil Code. Scope The firm in question was found to be operating outside its permitted scope. Its commercial registration only allowed it to trade in antiques, handicrafts, coins, stamps and equestrian goods. Nothing on record showed that it was allowed to run investment schemes of any kind.
Daily Tribune
04-05-2025
- Business
- Daily Tribune
Firm ordered to return BD8,450 in loan dispute
A Bahraini firm has been told to repay BD8,450 after the High Civil Court found it had accepted money for an investment deal that strayed beyond the business it was licensed to carry out. The case was brought by a claimant who had transferred the sum in October 2023. He was represented in court by lawyer Jassim Al Essa. The money was handed over through BenefitPay, under a resale agreement in which the firm was to use the amount to buy goods and then sell them back at a higher price. Difference Profit was expected to come from the difference. Monthly returns were supposed to start the following month. The court, sitting on 30 April 2025, ruled that this was in fact a loan dressed up as an investment. While the agreement had promised returns amounting to BD5,492.500, the court refused to enforce that part of the claim. Interest on civil loans is banned under Article 228 of the Civil Code. Scope The firm in question was found to be operating outside its permitted scope. Its commercial registration only allowed it to trade in antiques, handicrafts, coins, stamps and equestrian goods. Nothing on record showed that it was allowed to run investment schemes of any kind.
