Aseer says court revoked order on Riyadh land case

Logo of Aseer Trading, Tourism & Manufacturing

Aseer Trading, Tourism & Manufacturing Co. (Aseer) said the court approved an appeal request filed by the seller of the land located in north of Riyadh, on March 18, 2021, after the expiry of the objection period. Accordingly, the court decided the following:

- The court revoked its order, issued on Nov. 8, 2020, which ordered the land seller to pay SAR 202 million to Aseer.

- Aseer, the plaintiff, has the right to appeal within 30 days of the court order date, April 1, 2021.

Asser indicated it will take all the necessary measures to protect the shareholders’ rights, expecting no relevant financial impact at present.

Any relevant updates will be duly revealed, the company added.

In November 2020, the court ordered termination of the agreement, signed in November 2008, by Aseer and the land seller, who was also ordered to pay SAR 202 million to Aseer, Argaam reported.

In December 2020, Aseer said the court order, issued on Nov. 8, 2020, in its favor and against the land seller became final and enforceable following the expiry of the objection period.

In December 2019, Aseer filed a lawsuit against the land seller, claiming refunds of the land price of 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.