Shams says court issues preliminary ruling on compensating former CEO with SAR 4.9 mln

11/07/2021 Argaam

Logo of Shams

Tourism Enterprise Co. (Shams) announced that Dammam Labor Court issued, on July 8, a preliminary ruling against it in the labor case filed by Abdul Hamid Al-Tareef, former board member and Chief Executive Officer (CEO), according to a bourse statement.

 

A lawsuit was filed against the firm to demand the payment of salaries and allowances for the remaining term, at a total value of SAR 10.3 million.

 

The court ordered the company to compensate the plaintiff for the termination of services with an amount of SAR 4.9 million, the statement said.

 

The judgment is subject to appeal and will be contested during the statutory period.

 

In June 2018, the company's board of directors suspended Al-Tareef from work, and deprived him of his capabilities, as he was being investigated as regards an alleged case of irregularities. In addition, the firm appointed Zahid Bin Zakir Legal Group as an attorney and legal advisor to investigate such irregularities, according to data compiled by Argaam.

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