Saudi Paper shareholders refuse to file liability suit against former board members

Logo of Saudi Paper Manufacturing Co. (SPM) 

Saudi Paper Manufacturing Co.’s (SPM) shareholders refused during the ordinary general meeting (OGM) held on May 22, to file a liability lawsuit against the former board members and the auditing firm for the period from April 3, 2012 to April 26, 2018, although they were convicted as per a final decision issued in 2023 by the Appeal Committee for Securities Disputes, on a case related to sale of lands belonging to SPM.

In a statement to Tadawul, SPM pointed out that shareholders also rejected to file a liability lawsuit against the former members for the period from April 1, 2019 to March 31, 2020, who were convicted under a final decision issued by the Appeal Committee for Securities Disputes in December 2022, in relation to the sale of the company’s plant in Morocco.

On the other hand, shareholders approved to authorize the current board of directors to carry out the legal procedures to file liability suit and appoint whomever deemed appropriate to represent the company before the competent court, and to take all the necessary regulatory and legal measures.

Moreover, Saudi Paper’s shareholders approved al the other OGM agenda items.