Al-Mojil’s minority shareholders blame board for hefty losses

Saudi trade ministry referred a liability complaint filed by Al-Mojil Group’s shareholders against its chairman to the Capital Market Authority, Al-Watan newspaper reported.

Minority shareholders blame the company’s board for the suspension of the company’s stock since July 2012, and for hefty losses.

The investors plan to file a proper lawsuit 30 days after the complaint, sources told the newspaper.

In August, Al-Mojil Group said its accumulated losses ballooned to around SAR 2.7 billion, 215 percent of capital.