Court adjourns lawsuit against SARCO to Dec. 20

15/11/2017 Argaam

A Saudi court has adjourned the lawsuit filed by Mohammed Qusai Asaad, a shareholder at Arabian Sulfonates Co. (ASCO), against Saudi Arabia Refineries Co. (SARCO) to Dec. 20, 2017, the company said in a statement to Saudi bourse, Tadawul. 

 

The auditor requested that both parties should provide all related documents within a week to be able to prepare an accounting report.

 

In August, a court held an urgent hearing to consider the lawsuit filed by Asaad, a shareholder against SARCO after a fire erupted at the ASCO plant.

 

During the hearing, ASCO’s chartered accountant said that all financial records related to the period from 2014-2016 were damaged during the fire, and no report has been issued yet by the civil defense to explain the reasons behind the blaze.

 

SARCO currently owns 34 percent of ASCO. Last November, the company sued ASCO’s management over major financial losses.

 

The following month, an ASCO shareholder filed a claim against SARCO, requesting the liquidation of the financially troubled sulfonates unit.

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