Aseer Company for Trade, Tourism and Industry announces the latest developments for (filing a lawsuit against the seller of land north of Riyadh land demanding him to return an amount of SR 202 million to the company due to the title deed revoke).
| Element List | Explanation |
|---|---|
| Introduction | With reference to the company’s announcement on Tadawul on 22/28/1442 H, corresponding to 04/04/2021 G regarding the acceptance of the petition submitted by the defendant (land seller) to the Appeal Court, which overruled the previous ruling, resulting in rejecting the plaintiff’s (company) case. We have received a notice from company’s lawyer on 02/02/2022 that the General Department for large cases of the General Court in Riyadh has issued a preliminary ruling in the favor of the Aseer company as follow:
1- To terminate the sale’s contract pertaining to north Riyadh land between the buyer and the seller and what’s entitled to it. 2- The defendant (seller) is obligated to repay an amount of SAR 202 million to the company (buyer). Noteworthy, this is a preliminary ruling and each party would be receiving a copy of said ruling on 05/07/1443 H, corresponding to 06/02/2022 G and each party has the right to appeal during 30 days from ruling date. |
| Previous Announcement | Aseer Company for Trade, Tourism and Industry announces the latest developments for (filing a lawsuit against the seller of north of Riyadh land demanding that he returns an amount of SR 202 million to the company due to revoking of the title deed). |
| Date of Previous Announcement on Tadawul's Website | 2021-04-04 Corresponding to 1442-08-22 |
| Percentage of fulfilled achievement | Not applicable. |
| Event's Expected Completion Date | For the time being, this can not be identified. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable. |
| Additional Information | The company wishes to clarify to it’s valued shareholders the following:
1- The company have previously submitted an objection memo to the Appeal Court on 16/09/1442 H, corresponding to 28/04/2021 G regarding the court ruling dated 19/08/1442 H, corresponding to 01/04/2021 G retracting the previous ruling dated 22/03/1442 H, corresponding to 08/11/2020 G, which decided to terminate the sale’s contract pertaining to north Riyadh land between the buyer and the seller and what’s entitled to it. The rejection was due to lack of specific jurisdiction because the case was one of the major cases whose amounts exceed SR 100 million and that it is covered by the jurisdiction of the large cases department in the General Court in Riyadh, which ruled in favor of the company on 02/02/2022 G. 2- This ruling has no financial impact on the company and we will announce any substantial developments in this regard. |
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