Saudi Paper Manufacturing Co. (SPM)  said that the decision of the board of directors to dismiss CEO and Managing Director Hassan Asiree from the board membership lacked a legal justification.

 

The company said in bourse filing that such a decision should be taken by the general assembly.

 

The company further noted that it will take a legal action against those who made a donation of SAR 226,200 to a local charity including Asiree to pay back the money.

 

SPM’s board approved on Jan. 21, 2020, terminating the membership of CEO Hassan Asiree from the board based on Article 80 of the Labor Law, Argaam earlier reported.

 

Asiree said the company's previous announcement on terminating his board membership lacks credibility and fabricates the truth of what happened in the board meeting held on Jan. 21.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Related News

Saudi Paper shareholders to vote on board dismissal on March 12

Market Indices

TASI
11,045.73
5.56 0.05 %

Quotes

SPM
38.60
(0.25) (0.64%)


Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2023, Argaam Investment, All Rights Reserved
Call Request