SIECO recovers SAR 14 mln claim from former partner

Saudi Industrial Export Co.’s (SIECO) recovered insurance claims to the tune of SAR 14 million from former partner, Afia International Co. that cancelled a mutual distribution agreement without prior consent.

In December 2017, SIECO received a favorable court verdict against Afia International Co., after the latter had cancelled a contract whereby SIECO distributed Afia's products in parts of Jeddah and Riyadh.

The contract was cancelled on unsatisfactory performance in February 2016.

On a separate note, SIECO said its lawsuit against former board chairman, board members and executive management was adjourned to April 24. The company accuses its former key staff of abuse of trust and intentional purchase of overpriced assets.