The Commercial Court in Riyadh has ordered the former managing director and CEO of The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) to pay to the company an amount of SAR 152.7 million in the law suit raised against him by MedGulf, the company said in a bourse statement.
The defendant may object on the ruling within 30 days from its issuance.
The court ruling will not have a financial impact at the current time, the insurer added.
In November 2017, MedGulf submitted a request to file a claim against a former executive of the company who held the position of the chief executive and managing director, according to data compiled by Argaam.
The company requested a refund of unlawful money obtained by the executive and a compensation for losses resulting from his actions.
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