SPM’s ex-CEO: ‘I resigned for lack of material information’

Saudi Paper Manufacturing Co.’s (SPM) former CEO and board member, Hassan Ali Asiri, submitted his resignation on March 12, 2020, adding he was unable to fulfill his duties as a board member to protect SPM and its shareholders’ rights under the current circumstances, as no material information has been provided for a long time.

Commenting on his resignation, Asiri told Argaam: "With reference to the general assembly held last Thursday, which decided not to accept the board’s dismissal, some board’s members unfortunately are still wasting the company's time and resources to settle their disputes, either to avenge previous decisions or for personal interest.”

“I objected to some privileges, such as the board remuneration which was approved by the board without referring to the general assembly,” Asiri said.

"Also, the company’s decision not to disclose my resignation and its reasons for the public is considered another attempt to settle scores and hide the truth from the shareholders,” he highlighted.

“Therefore, I had to submit a complaint to the Capital Market Authority (CMA),” former CEO said.

He stressed, "Another example of these practices is what happened with the previous misleading announcement on February 17. It did not mention that the exact amount of the donation to Al Birr Charitable Society that did not exceed SAR 100,000 in cash over the past two years.”

The amount was part of a previously signed agreement in light of SPM’ social responsibility and was approved by the board of directors in its 2018 annual report, he added.

“The CMA has obliged the company to correct the misleading announcement,” Asiri said, adding that he retains his legal right of recourse.