Kuwaiti court rules Zain AGM as void-lawyer

KUWAIT, (Reuters) – A Kuwaiti court ruled that the annual shareholders meeting of telco Zain , held in April, is void, the plantiff’s lawyer said on Sunday.

This is a first degree ruling, Rashed al-Radaan, the lawyer for Sheikh Khalifa Ali al-Khalifa al-Sabah who brought the case, told Reuters. The case centered on the manner in which the new board was elected.

In April, Zain elected a new board including a top executive from Kuwait’s family conglomerate Kharafi Group, and approved a $3 billion dividend for 2010.

Zain declined to comment. Its shares were trading down 2 percent at 0910 GMT on the Kuwait bourse.