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Red Sea Housing unit files case against OPI

Red Sea Housing unit files case against OPI
Red Sea Company had entered into two separate agreements with OPI in 2011 and 2014- (Photo Archive)
RED SEA
4230
33.19% 27.25 6.79

Riyadh – Mubasher: Red Sea Housing Services announced that its fully-owned Red Sea Housing Services (Ghana) Ltd. has filed a legal case against OPI international Group Ltd. (OPI) on Friday 12 August.

The subsidiary company filed the case to receive unpaid due installments at a value of SAR 92 million ($24.52 million), according to a bourse filing on Sunday.

"According to the preliminary discussions with the Legal Counsels, the legal case is expected to last between 6 - 24 months and associated legal fees could reach $200,000," said the statement.

Red Sea Company had entered into two separate agreements with OPI in 2011 and 2014 to build housing comps in Angola with a capacity of 600 tenants.

The agreements stated that OPI has to transfer the due installment to the account of the Red Sea in Dollars. After paying a part of them, OPI failed to transfer the installments, due to a certain alleged regulatory restriction on international fund transfer in foreign currencies.