Al Jouf Cement Company announces that it has filed a complaint with the Capital Market Authority against three former board members.
| Element List | Explanation |
|---|---|
| Introduction | Al Jouf Cement Company announces that it was notified by the company's lawyer indicating that its complaint has been filed with the Capital Market Authority against three former board members who had direct and indirect executive authorities. The complaint is based on the following grounds:
1. Total investment loss amounting to One Hundred Thirty-Six Million Saudi Riyals (SAR 136,000,000). 2. Transactions with related parties not approved by the company's general assembly. 3. Suspicion of forgery of the former vice-chairman's signature to approve the investment in the project. 4. Investment of company funds in violation of the company's articles of association and for purposes not designated for the company. 5. The presentation of misleading information regarding the investment in the project. 6. Violating the authorities and responsibilities as stated in the article of association by the responsible members. 7. Failure to reimburse the project's development costs, amounting to SAR 6,000,000. 8. Misleading shareholders by not disclosing losses in the financial statements at the appropriate time. |
| Previous Announcement | The results of the ordinary general assembly, which include the approval to file a liability lawsuit against three former board members. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-02-20 Corresponding to 1445-08-10 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Filing a complaint with the Capital Market Authority. |
| Reasons For The Delay on The Date of The Event Previously Announced | Reviewing the complaint file thoroughly by several legal advisory entities – obtaining tenders for legal fees to handle the complaint with the relevant authorities. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | None |
| Delay consequences on the Company’s financial results | None |
| Additional Information | Shareholders will be kept continuously informed of all developments regarding the complaint. |
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