Qassim Agriculture’s lawsuit against Al Bandariyah under review

09/09/2015 Argaam

A lawsuit filed by Qassim Agriculture Co. (QACO) against Al Bandariyah Group is being considered by Riyadh’s Board of Grievances, the agricultural producer said in a statement to Tadawul on Wednesday.

 

The board will hear any emerging matters relevant to the case on October 14.

 

On March 8, QACO filed a SAR 27.8 million lawsuit to Riyadh’s administrative court.

 

In 2009, QACO decided to terminate its agreement with Al Bandariyah Group and requested the contract's value back after it claimed that it had "obtained financial information that affects its investments" in the group.

 

Goodwill impairment was said to be undervalued, which raised doubts about Al Bandariyah's future cash flows, according to previous reports published by Argaam.

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