SPM’s board to file lawsuit against former CEO for conflict of interest

Saudi Paper Manufacturing Co.’s (SPM) board of directors approved on Jan. 21, 2020 to terminate the membership of Hassan Asiree from the board based on Article 80 of the labor law.

SPM said in a bourse statement that the board also decided to file a case against Asiree to recover the company's money during his tenure as CEO.

The statement attributed this to 2 reasons:

- The use of company funds for personal use.

- The disbursement of the company's funds and the donation without the necessary regulatory approvals.

The board also decided to convene the general assembly meeting as soon as possible to vote on the above-mentioned decision after providing it with the required information.

These decisions were passed by a majority vote after the board approved a conflict of interest for Hassan Asiree, who served as SPM’s CEO, after revoking his contract and filing a case against him.

According to data compiled by Argaam, the board named Khaled Abo Hana as acting CEO, effective from Jan. 21.

He enjoys over 25 years of experience in the financial sector and is currently the company’s general manager of treasury and the acting chief financial officer.