Saudi Paper Manufacturing Co. (SPM) said the Commercial Court, on April 6, 2021, issued a preliminary ruling rejecting the company's legal claim against ex-board member and CEO Hassan Asiree, according to a bourse filing.

 

The court’s ruling was based on the following reasons:

 

- The plaintiff did not provide sufficient evidence on its request;

 

- The defendant was not solely responsible for the company.

 

Therefore, the company will file an appeal before the Commercial Appeal Court, and will duly reveal the relevant updates, the statement added. In January 2021, the company filed a liability lawsuit with the Commercial Court against ex-board member and CEO Hassan Asiree, due to financial and administrative violations, with an estimated value of SAR 40.95 million, Argaam reported.

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