Appeals Court upholds judgment to end Riyadh land contract, seller to pay Aseer SAR 202 mln

Logo of Aseer Trading, Tourism and Manufacturing Co. 

Aseer Trading, Tourism and Manufacturing Co. said the Court of Appeal, in its first session held on April 24, confirmed an earlier judgment by the Major Claims Department of the Riyadh General Court to terminate the sale contract for land in north Riyadh.

The Court of Appeal judgment obligates the seller to pay Aseer SAR 202 million, the company said in a statement to Tadawul.

The company will announce any material developments in this regard, the statement said, noting that an end date cannot be ascertained at present.

In November 2020, a Saudi court delivered a preliminary ruling in favor of Aseer in the lawsuit against the seller of land in north Riyadh. The court ordered termination of the agreement, signed in November 2008, by Aseer and the land seller, Argaam reported.

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.