Qassim Agriculture sues Al Bandariyah for SAR 27.8 mln

15/03/2015 Argaam
Qassim Agriculture Company said on Sunday that it filed a lawsuit against Al Bandariyah Group claiming an amount of SAR 27.8 million.
 
The lawsuit was filed on March 8 at Riyadh administrative court, the company said in a filing to Tadawul, Saudi Arabia’s bourse. 

Qassim decided in 2009 to terminate its agreement with Al Bandariyah Group and ask for the contract's value back after it claimed that it had "obtained financial information that affects its investments" in the group. According to Al Qassim, goodwill impairment was undervalued, which raises doubts about Al Bandariyah's future cash flows.

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