AlBaha Investment’s appeal against former board postponed to Dec. 3

AlBaha Investment and Development Co.’s appeal against its former chairman and board members was postponed by a Jeddah court to Dec. 3, 2018, the company said in a bourse filing.

The company had accused its former board chairman and members of a fraudulent purchase of overpriced assets from a local contracting firm, seeking compensation of SAR 100 million – the difference between fair value and market price.

In March last year, the Jeddah Administrative Court ordered AlBaha’s former chairman and board directors to pay a total of SAR 68.7 million, plus attorney fees.

However, the company later said the court of appeals had overturned the previous ruling against the chairman and board members.

Last April, AlBaha appealed against the ruling