Thimar to vote on board liability case on Sept. 2

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. said shareholders will meet on Sept. 2 to vote on authorizing the board of directors to file a liability lawsuit against former board members for the period from March 6, 2017, to July 3, 2021.

In a statement to Tadawul, the company said the move relates to violations committed by the former board during that period or earlier, and that all necessary legal measures will be taken. This includes pursuing the ongoing lawsuit and filing any subsequent claims over violations committed during their membership or employment with the company.

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Thimar added that the violations may relate to the Companies Law, the Capital Market Law and its implementing regulations, or any other applicable laws, in a manner that safeguards the rights of the company and its shareholders.

On March 14, Thimar filed a complaint with the Capital Market Authority against the former board from its two previous terms, seeking SAR 230 million in compensation plus amounts arising from litigation, according to Argaam data.