SIECO to recover SAR 14 mln from Afia by final court order

Saudi Industrial Export Co. (SIECO) on Monday received a favorable final court ruling to recover insurance fees of SAR 14.05 million from Afia International Co., SIECO said in a statement.

The dispute is related to a deal in June 2013 when a joint venture between SIECO and Shahd Al Sahraa agreed to distribute Afia’s products in South Jeddah and East Riyadh.

Later in February 2016, Afia cancelled the contract on low returns and delayed deliveries.

Last December, the court had issued an initial ruling in favor of SIECO to recover SAR 14.05 million out of an amount of SAR 15 million from Afia.