AlBaha Investment’s claim against former board rejected

15/04/2018 Argaam

AlBaha Investment and Development Co.’s claim against its former chairman and board members was rejected today by a Jeddah court, the company said in a bourse filing.

 

AlBaha will appeal against the ruling, and relevant developments will be revealed in due course.

 

The company had accused its former board chairman and members of a fraudulent purchase of overpriced assets from a local contracting firm, seeking compensation of SAR 100 million – the difference between fair value and market price.

 

In March last year, the Jeddah Administrative Court ordered AlBaha’s former chairman and board directors to pay a total of SAR 68.7 million, plus attorney fees.

 

However, the company later said the court of appeals had overturned the previous ruling against the chairman and board members.

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