Amlak secures final ruling dismissing legal claim demanding contract termination, indemnity

14/02/2024 Argaam

Amlak secures final ruling dismissing legal claim demanding contract termination, indemnity

Logo of Amlak International for Real Estate Finance Co.

Amlak International for Real Estate Finance Co. said a final verdict was issued today, Feb. 14, by the Appeal Committee for Resolution of Securities Disputes (ACRSD) upholding the initial verdict to dismiss the lawsuit filed against the company by a client demanding contract termination and indemnity.

 

No costs or financial impact will be implied as a result, due to the final verdict to dismiss the case, the company said in a statement to Tadawul.

 

On Dec. 20, 2021, Amlak announced a case filed against it by one of its clients before the Committee for Banking, Financial Disputes and Violations demanding termination of a contract and SAR 430 million in compensation. On Oct. 10, 2022, a preliminary decision to dismiss the lawusit was issued by the committee, Argaam earlier reported.

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