Thimar shareholders back liability claims against former executives

Thimar shareholders approve refiling liability claims

Shareholders of Thimar Development Holding Co. authorized the board of directors to refile one or more liability lawsuits against former board members and former executive management.

They made the decision during an ordinary general meeting held on July 6, according to a statement to Tadawul.

Thimar said the authorization covers the period from March 6, 2017, to July 3, 2021, in relation to any violations allegedly committed during their tenure.

The board was also authorized to take all necessary legal measures and file any subsequent lawsuits related to violations allegedly committed during their service, whether under the Companies Law, the Capital Market Law and its implementing regulations, or any other applicable laws and regulations, to protect the rights of the company and its shareholders.

Shareholders also authorized the board to file additional lawsuits related to any violations allegedly committed by former board members and former executive management during the period from Jan. 22, 2014, to May 13, 2026. The authorization includes taking all necessary legal measures and filing any subsequent lawsuits to safeguard the interests of the company and its shareholders.

According to Argaam data, Thimar announced in May that the Appeal Committee for Resolution of Securities Disputes had overturned a previous ruling issued by the Committee for Resolution of Securities Disputes (CRSD) and dismissed the liability lawsuit filed by the company against several former board members covering the period from March 6, 2017, to July 4, 2021.

At the time, the company said the appeal committee dismissed the lawsuit because it did not meet the filing requirements. It said the claim failed to specify the legal basis against each defendant individually or identify the alleged violations committed by each defendant that caused harm to the company.