Riyadh – Mubasher: Saudi Darb Investment Company received notification on 11 October regarding a final legal ruling against six former board members.
The Appeal Committee for Resolution of Securities Disputes rejected a petition for review filed by one of the defendants, maintaining the original judgment in favor of the company.
The ruling requires the six former directors, who served from 10 February 2010 to 9 February 2013, to jointly pay the company SAR 68.70 million in compensation for damages resulting from an asset swap transaction.
Additionally, the defendants are ordered to pay SAR 500,000 for legal fees, bringing the total award to SAR 69.20 million.
The company initially sought compensation totaling SAR 100 million in the case filed with the Committee for Resolution of Securities Disputes.
Saudi Darb Investment confirmed that the judgment is final and enforceable.
Through its legal counsel, the company has commenced formal regulatory procedures to execute the decision and recover the funds from the former board members.
The Saudi firm will disclose any further material developments regarding the financial impact of the recovery process as they occur.
