Amwaj International details 5 lawsuits seeking SAR 67.9M

Logo of Amwaj International Co.

Amwaj International Co. provided details of five lawsuits filed to recover receivables and other financial dues from customers, with total claims of SAR 67.9 million, the company said in a statement to Tadawul on Sept. 29.

The company added that it had filed and was pursuing the five lawsuits before the competent commercial courts to recover outstanding receivables and financial claims.

The claims are as follows:

Amwaj said the additional information in the announcement would not, by itself, have any additional financial impact. The final financial impact will depend on the outcome of the lawsuits and the amounts recovered, if any, in accordance with the relevant accounting standards.

The lawsuits are part of measures taken by the company to recover financial dues and safeguard its rights. The claims remain pending before the commercial courts, according to the company.

Amwaj recently said it had filed and was pursuing five lawsuits as part of its review of receivables at one of its branches and its efforts to take legal and judicial measures to protect its rights.

In January, the company said it had completed a physical inventory count and an independent external auditor had completed a technical assessment following financial and procedural irregularities at one of its branches. The inventory count showed discrepancies totaling SAR 28.66 million.