Al Jouf Cement recommends filing liability lawsuit against ex-chairman over GAC fine

30/11/2023 Argaam

Al Jouf Cement recommends filing liability lawsuit against ex-chairman over GAC fine

Cement bags

Al Jouf Cement Co.'s board recommended filing a liability lawsuit against the former chairman to bear the cost of the fine imposed on the company by the General Authority for Competition (GAC).

 

In a Tadawul statement today, Nov. 30, the company added that the recommendation to the general assembly is in continuation of the necessary regulatory procedures for such cases.

 

The company pledged to protect shareholder rights and consumer interests, and reject competition violations, noting that any related updates will be announced in due course.

 

Last June, Al Jouf Cement announced filing a complaint with the Capital Market Authority (CMA) against its former chairman in 2018 to bear the cost of the SAR 10 million fine imposed by GAC, according to data compiled by Argaam.

 

Last April, GAC fined 14 cement producers in the Kingdom, including Al Jouf Cement, with SAR 10 million each as they colluded to raise cement prices.

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