Dur Hospitality files lawsuit to annul securities contracts

07/01/2021 Argaam

Dur Hospitality building

Dur Hospitality Co. filed a lawsuit with the Committee for Resolution of Securities Disputes on Jan. 6, 2021, against a financial institution operating in the Kingdom to invalidate securities contracts with the defendant, the company said in a bourse filing today, Jan. 7, 2021.

 

The company cited violation by the defendant of the Capital Market Law and its implementing regulations.

 

The company said there is a related party involved in this announced event, noting that a member of its board of directors is also a member of the defendant's board of directors.

 

Based on the available documents, Dur sought legal advice from experts following which a law firm has been appointed to represent the company.

 

The expected financial impact will be announced in due course, the statement said, adding that any substantial legal, regulatory, or operational risks from the lawsuit cannot be determined at the time being.

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