Al-Mojil Group said today the lawsuit filed by Saudi Capital Market Authority (CMA) is against former officials who served onboard during the initial public offering, not against the company itself.

CMA said yesterday it would file a complaint against Al-Mojil Group’s board members, top executives and chartered accountants, who served between 2008 and 2011, for breach of market rules, leading to hefty losses to investors.

The company’s minority shareholders had blamed the former board for the suspension of stock since July 2012, and for the heavy losses that ensued, and filed a complaint with CMA last month.
 

The company posted accumulated losses of up to SAR 2.7 billion, 215 percent of capital, till August.

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