Court orders Riyadh land seller to pay Aseer SAR 202 mln, terminates contract

09/11/2020 Argaam

Aseer Trading, Tourism & Manufacturing Co. (Aseer) said a Saudi court issued, on Nov. 8, a preliminary ruling in its favor against the seller of the land located in north of Riyadh.

 

The court ordered termination of the agreement, signed in November 2008, by Aseer (the plaintiff) and the land seller (the defendant), the company said in a statement to Tadawul.

 

The land seller was also ordered to pay SAR 202 million to Aseer.

 

The ruling can be appealed within 30 days from the issuance date, the company explained, adding that in case of no appeal being filed, the ruling will become final.

 

No financial impact is expected from the court decision, Aseer pointed out, noting that any relevant updates will be announced in due course.

 

In December 2019, Aseer filed a lawsuit against the land seller, claiming refunds of the land price paid to him at SAR 202 million, Argaam earlier reported.

 

It also filed a claim against the deal broker requesting a refund of SAR 5.24 million in commission.

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