Aseer says court order on Riyadh land case, refund of SAR 202 mln enforceable

 Aseer Trading, Tourism & Manufacturing Co's logo

Aseer Trading, Tourism & Manufacturing Co. (Aseer) said the court order, issued on Nov. 8, 2020, in its favor against the seller of the land located in north of Riyadh became final and enforceable following the expiry of the objection period.

Aseer will now take necessary procedures, the company said in a statement to Tadawul.

No financial impact is expected from the court decision, Aseer pointed out, noting that any relevant updates will be announced in due course.

Last month, the court ordered termination of the agreement, signed in November 2008, by Aseer (the plaintiff) and the land seller (the defendant).The land seller was also ordered to pay SAR 202 million to Aseer.The ruling could be appealed within 30 days from the issuance date, andin case of no appeal being filed, the ruling will become final, according to data compiled by Argaam.

In December 2019, Aseer filed a lawsuit against the land seller, claiming refunds of the land price paid to him at SAR 202 million, Argaam earlier reported.

It also filed a claim against the deal broker requesting a refund of SAR 5.24 million in commission.