Verdict against Mobily former execs doesn’t satisfy affected: Lawyer

Abdulaziz Al Hudaif, lawyer

The final verdict against a number of former executives of Etihad Etisalat Co. (Mobily) to pay SAR 1.23 billion does not satisfy those affected, Abdulaziz Al Hudaif, the lawyer representing the affected group in the class action lawsuit, told Argaam in a phone call.

He added that the ruling acquitted some of the defendants. In addition, others were sentenced in-absentia, and this prolongs the fulfilment of the rights of those affected.

Moreover, the implementation of the judgment is by three countries: Saudi Arabia, the UAE and Egypt.

He explained that after the preliminary ruling, it was found that there were other affected who did not participate in the case, as some of them had filed a case against Mobily and not against its executives. After the judgments were issued, they stopped following it.

Those affected will resort to reconsidering the ruling, as the only way, Al Hudaif pointed out.

He indicated that the committee has a principle, which is not to file a lawsuit against Mobily, but there is a need to reconsider that, taking the principle of irrelevant.

Mobily is a joint-stock company, which is subject to the Companies Law in terms of liquidation, as any court ruling applied on it like other companies.

According to data compiled by Argaam, the General Secretariat of the Committee for Resolution of Securities Disputes (CRSD) announced that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued a decision on Aug. 8 in the class action submitted by an investor against a number of former executives at Mobily.

The ACRSD supported the CRSD’s former decision on obliging the defendants to jointly pay SAR 1.23 billion, in addition to jointly paying lawyer fees of SAR 12,000.