Dur Hospitality says final judicial decision upholds ruling against financial institution

Logo of Dur Hospitality

Dur Hospitality Co. announced the issuance of a final judicial decision on Feb. 14, 2022, regarding the lawsuit filed against a financial institution, supporting the decision issued by the Committee for the Resolution of Securities Disputes, which lacks jurisdiction to consider the case.

The company said in a bourse filing that it will make every effort to protect the rights of its shareholders. In light of this, work is underway to prepare a list of claims to be submitted to the Banking Disputes Committee with the aim of nullifying treasury product contracts with one of the financial institutions operating in the Kingdom.

The expected financial impact will be announced as soon as it is determined later.

According to data compiled by Argaam, Dur announced in January 2021 that it filed a lawsuit with the Committee for Resolution of Securities Disputes against a financial institution operating in the Kingdom to invalidate securities contracts with the defendant.