Mubasher: Munshaat Real Estate Projects announced that its board members have recommended to the ordinary general meeting (OGM) settling a claim by Saudi Arabia’s General Authority of Zakat and Tax (GAZT).

Saudi GAZT has claimed SAR 1.9 billion ($507 million) from the Kuwaiti company Munshaat for the years from 2003 until 2013, in addition to related fines and receivables from 2014 to 2017, according to a bourse statement on Tuesday.

Munshaat clarified that the settlement which has been reached totals SAR 411.45 million ($110 million).

The Kuwaiti company noted that provisions allocated until 31 December 2017 stood at SAR 363 million ($97 million).

Trading on Munshaat in Boursa Kuwait is still suspended until the financial impact of this claim is disclosed and registered.