Saudi Darb: Enforcement orders issued against former board members

Logo of Saudi Darb Investment Co.

Saudi Darb Investment Co. received confirmation from its legal advisor that enforcement orders were issued regarding the six enforcement applications against the former board members who served from Feb. 10, 2010, to Feb. 9, 2013.

These orders were filed before the Enforcement Court in Riyadh, under Article 46 of the Enforcement Law, according to a statement to Tadawul today, July 28.

The company said the decisions are part of the enforcement of the final ruling issued by Appeal Committee for Resolution of Securities Disputes in the legal case seeking SAR 100 million in compensation from the former board members, jointly and severally.

Saudi Darb stressed that it is closely monitoring the enforcement proceedings through its legal advisor and will announce any material developments in due course.

According to Argaam data, the company announced last week that the SAR 100 million compensation case against the former board members, who served during the period from Feb. 10, 2010, to Feb. 9, 2013, had entered the enforcement stage before the Enforcement Court in Riyadh.

Under the enforcement order, the respondents were required to comply with the enforceable instrument within five days of being notified, for a total amount of SAR 69.1 million.