Al-Ahsa fights off lawsuit over SAR 97.3 mln land sale contract

12/03/2015 Argaam
Al-Ahsa Development Co. (AADC) said a former board member has filed a lawsuit against the company to invalidate a SAR 97.3 million contract for the sale of a 608,000 square-meter land plot. 
 
At the time, the Saudi Arabian developer generated a profit of SAR 77.5 million from the deal and its financial impact appeared in 2010 statements. 
 
AADC’s legal adviser does not expect the claim to have financial impact. The company said it will take necessary procedures to protect shareholders’ equity and announce developments, if any. 
 
The plaintiff had previously filed a similar lawsuit against the company, AADC said without revealing the shareholder's name. The court ruled that AADC should pay a remuneration of SAR 250,000. However, an administrative court of appeal later issued an incontestable ruling rejecting the case.

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