Kuwait Court of Cassation principle number 3621

The bank managing the debts purchased by the State. It may supervise the management of pledged assets and activities carried out in respect of them to maximize their value, increase their returns or preserve them. Subscribing for new shares by benefiting from the priority accorded on the basis of ownership of the pledged shares. Does not constitute maximization of the value of the latter shares. The reason therefor. It is a purchase of new shares for a price that must be paid. Nor do those shares necessarily become part of the pledged assets merely upon purchase. The appellant's defence that its subscription for those shares falls within the duties of the managing bank in its capacity as representative of the State. A manifestly invalid defence. No fault attaches to the judgment if it does not answer it.