Thimar to vote on refiling liability suit against former board on July 6

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. said shareholders will meet on July 6, to vote on authorizing the board of directors to refile liability lawsuits against former board members and former executives for the period from March 6, 2017, to July 3, 2021.

In a statement to Tadawul, the company said the move relates to violations allegedly committed during their membership or employment, adding that all necessary legal measures will be taken, including filing subsequent claims.

Thimar added that the alleged violations may relate to the Saudi 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.

Shareholders will also vote on authorizing the board to file additional lawsuits over violations allegedly committed by former board members and executives during the period from Jan. 22, 2014, to May 13, 2026.

In May, the company said the Committee for the Resolution of Securities Disputes overturned an earlier ruling and dismissed the liability claim against several former board members, as the lawsuit failed to clearly establish the basis of claims against each defendant.