Financially-troubled Saudi Arabian contractor Mohammad Al-Mojil Group (MMG) said its board members have not violated the company or stock market regulations, the company said in a statement.
The group was responding to yesterday’s decision by the ministry to refer some of its board members to interrogation for alleged violations of stock market laws that caused the company losses and the suspension of its shares.
MMG said that its losses increased after several firms, including state oil giant Saudi Arabian Oil Co. (Aramco), had ignored its requests to pay outstanding claims.
The firm has duly responded to inquiries from the commerce ministry, it said.
Aramco has paid one of its foreign partners a sum of SAR 975 million, SAR 600 million of which belong to MMG but the partner failed to deliver, the company added.
MMG said the commerce ministry is fully aware of its financial reconstruction plans.
The group's shares have been suspended since July 22, 2012, according to Argaam.
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