Alinma Tokio wins claim against Al-Morooj International

11/12/2019 Argaam

 

The General Secretariat of Committees for Resolution of Securities Disputes dismissed the lawsuit filed by Al-Morooj International against Alinma Tokio Marine Co. (Alinma Tokio) regarding a fire in the former’s warehouses, according to a bourse filing on Wednesday.

 

On Sept.5, 2017, Alinma Tokio announced that a fire broke out in the warehouses of Al Murooj International Co. in Jeddah.

 

By mid-September, the company received an actuarial report putting preliminary losses from the fire at SAR 78 million.

 

“The lawsuit is dismissed due to the lack of insurance coverage and violation of the policy guarantees,” the statement noted.

 

Both parties have the right to object and complain against this resolution within 30 days from the date set for the delivery of the resolution before the appeal committee, the statement further added.

Alinma Tokio said that the action has no negative impact on its current financial results.

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