Saudi Darb: Ex-board members to pay SAR 69.2M after appeal ruling

Saudi Darb says the ruling directs all competent government authorities to enforce the decision through all applicable legal means

Saudi Darb Investment Co. announced that the Appeals Committee has upheld the ruling of the Committee for the Resolution of Securities Disputes (CRSD), requiring former board members, jointly and severally, to pay nearly SAR 68.7 million in compensation and SAR 500,000 in legal fees.

In a statement to Tadawul, the company said the ruling also directs all competent government authorities to enforce the decision through all applicable legal means.

Any material developments will be disclosed in due course, the statement added.

According to data available with Argaam, Saudi Darb filed a complaint with the Capital Market Authority (CMA) in May 2025 against former board members who served from Feb. 10, 2010, to Feb. 9, 2013.

The company alleged that the former board members signed an agreement to sell the assets of Al Baha Investment and Development Co., under which the company acquired a crusher plant, a ready-mix concrete project, and a hollow-core project from Al Sateaa Modern Construction Co. for SAR 86 million.

A cash payment of SAR 10 million was made, while the remaining amount was paid in-kind through the transfer of the company's entire assets.

The assets included 50% of a 114,000-square-meter (sqm) land plot in Al Murouj district in Al Sail Al Saghir, Taif; a 993,000-sqm plot located west of Al Aqiq Airport, together with the poultry project and all its facilities, fixed assets, and movable assets, as well as ownership stakes in Al Baha Private College, valued at SAR 18 million.

Saudi Darb had sought SAR 100 million in compensation, in addition to legal fees.

In April 2026, Saudi Darb announced that CRSD issued an initial ruling in its favor, ordering the former board members, jointly and severally, to pay approximately SAR 68.7 million. In June 2026, the company said the defendants had appealed the ruling before the Appeals Committee.