Saudi Paper Manufacturing Co. Announces an update on Saudi Paper Manufacturing Co. Announces On registering the liability lawsuit against Ex-Board Member and the CEO, Hassan Bin Mrizn Asiree
| Element List | Explanation |
|---|---|
| Introduction | With reference to the company's announcement, published on the Tadawul website on 01/31/2021 AD, regarding the registration of the liability lawsuit against a member of the Board of Directors and former CEO Hassan Bin Marizen Asiri, the company wishes to clarify to the shareholders that it has received a notice from its external lawyer on 01/05/2021 AD indicating That the Commercial Court, on 06/04/2021, issued a preliminary ruling rejecting the company's requests for several reasons, namely:
1- The plaintiff did not provide sufficient evidence on her requests. 2- That the defendant was not alone in managing the company, but rather was a member of the board of directors, and the plaintiff did not provide evidence that he committed a mistake on his own, without the members of the board of directors or during his work as the executive director of the company.
The company will, through its external lawyer, file the judgment's appeal before the Commercial Appeal Court, and any developments in this regard will be announced later. |
| Previous Announcement | Saudi Paper Manufacturing Co. Announces On registering the liability lawsuit against Ex-Board Member and the CEO, Hassan Bin Mrizn Asiree |
| Date of Previous Announcement on Tadawul's Website | 2020-01-31 Corresponding to 1441-06-06 |
| Percentage of fulfilled achievement | Do not apply |
| Event's Expected Completion Date | It cannot be determined at this time, as it depends on the time that the competent authority will spend in reviewing the appeal and issuing its judgment. |
| Reasons for Exceeding the Announced End Date | Do not apply |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Do not apply |
| Impact of the Delay on the Company's Financial Results | Do not apply |
| Additional Information | The honorable shareholders will be kept constantly informed of all the developments of the issue |
Comments