Saudi Darb wins preliminary ruling for SAR 69.7M compensation from ex-board members

Logo of Saudi Darb Investment Co.

Saudi Darb Investment Co. (formerly Al-Baha Investment) received preliminary rulings in its favor from the Committee for the Resolution of Securities Disputes (CRSD), ordering former board members, jointly liable, to pay around SAR 68.7 million.

The ruling also ordered the payment of an additional SAR 500,000 in legal fees, Saudi Darb said in a statement to Tadawul, adding that other claims were dismissed.

The ruling is preliminary and subject to appeal within 30 days of receipt. The financial impact will be disclosed once the ruling becomes final, the statement added.

In May 2025, Saudi Darb said it had filed a complaint with the Capital Market Authority against former board members, who had served between Feb. 10, 2010, and Feb. 9, 2013, Argaam reported.

It claimed the former board had signed a contract to sell company assets under which the company acquired a crusher, a cement concrete project, and a hollow core project from Al-Sateaa Modern Contracting Co. for SAR 86 million.

The company paid SAR 10 million in cash, while the remainder was to be paid in kind as a waiver of Saudi Darb’s entire assets.

The in-kind consideration included 50% of the land price of the Al Murooj project in Taif. The land spans an area of 114,000 square meters (sqm).

It also included a 993,000-sqm land plot located west of Al Aqiq Governorate Airport, where a poultry project with all its facilities and fixed and movable assets is located.

Further, Saudi Darb held ownership shares in Al Baha Private College Co., estimated at SAR 18 million.

The company sought compensation of SAR 100 million, in addition to attorney fees.