Riyadh – Mubasher: Saudi Arabian Amiantit announced that the Appeal court entirely revoked the First Instance Court judgment which was issued against PWT and further totally dismissed the claim of the subcontractor.

Amiantit's subsidiary PWT had been condemned to indemnify a local subcontractor by an amount of Iraqi dinars to a total of SAR104.4 million.

The subcontractor had subsequently appealed to the Cassation Court, which rejected the appeal and confirmed the last judgment from the appeal court in favor of PWT, according to a bourse filing on Monday.

The company stated that the rule is final and no more legal recourse remains open.

.In 2015 and 2016, the firm has taken a provision of SAR 48 million to cover this case, under the form of a bad debt provision on part of the advance payments made at the start of the project by PWT to the subcontractor.

The final appeal judgment opens the possibility for PWT to claim such amounts back. However, until this perspective materializes, the group decided to keep the provision in order to remain conservative, the statement said.