Court upholds ruling on payment of SAR 27 mln to Al Gassim Investment

Al Gassim Investment Holding Co. (GACO) said in a bourse filing that Riyadh’s appeal court has upheld a previous ruling against Al Bandariyah Group, ordering the latter to pay SAR 27.83 million to the company.

The lawsuit was filed against the Al Bandariyah’s commercial units – operating in food, dairy and agricultural production, as well as in the marketing of agricultural products – which represented the group as parties to the sale and sale termination contracts, Argaam reported.

In 2009, GACO terminated its agreement with Al Bandariyah and requested the contract's value back after it claimed that it had "obtained financial information that affects its investments" in the group.

In January 2019, Riyadh Administrative Court issued a ruling in favor of GACO over the claim filed against Al Bandariyah Group.