Saudi CRSD likely to decide on Mobily class action in Q1 2022

Logo of the General Secretariat of Committees for Resolution of Securities Disputes

Adel Gabbani, Secretary General of the Committee for Resolution of Securities Dispute (CRSD), said Etihad Etisalat Co.'s (Mobily) class action is still pending, and the committee is expected to decide on it during the first quarter of 2022, CNBC Arabia TV reported.

He added that a total of 1,053 investors joined the class action.

Regarding Weqaya Takaful and Reinsurance Co.'s case, Gabbani said it is still in the legal stage of joining the lawsuit.

He stressed that CRSD adopted some initiatives and strategic enablers, most notably reducing the strategic index for litigation procedures, as the index decreased from 28 months in 2016 to eight months in the third quarter of 2021.

On Dec. 6, 2020, the General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) accepted the class action filed by an investor against a number of Mobily's former top executives and board members, against whom a final resolution was issued on May 25, 2018.

On Nov. 9, the GS-CRSD announced the issuance of the CRSD’s decision on accepting the class action filed by an investor against some board members and employees of Weqaya, against whom a final resolution was issued, Argaam earlier reported.