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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.