Riyadh – Mubasher: The Saudi Paper Manufacturing Company has filed a liability lawsuit with the Commercial Court against ex-board member and CEO, Hassan Bin Mrizn Asiree.

The former CEO faces financial and administrative violations valued at about SAR 40.95 million, according to a stock exchange statement on Sunday.

Saudi Paper charged the ex-CEO with selling the company's factory in Morocco without collecting the sale amount, participating in the responsibility to cancel the debt of SAR 17.3 million, which is part of the value of selling the company's land and hide that from the financial reports, and giving large credit facilities to a small client and receiving illegal bonds.

Saudi Paper said the lawsuit filing step will have a positive impact in case the amount of claim is refunded.