Rawasi Albina re-registers mortgages on properties subject to lawsuit in its favor

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Rawasi Albina Investment re-registered mortgages on properties subject to a lawsuit filed against Mohsen Al-Otaibi and his son, Abdullah Al-Otaibi, in favor of the company, to safeguard the rights of the company and its shareholders.

 

In a statement to Tadawul today, Oct. 20, the company said it will announce any material developments in due course.

 

According to Argaam data, Rawasi Albina announced last September filing a lawsuit against former Managing Director and CEO Mohsen Al-Otaibi and Abdullah Al-Otaibi, seeking protective attachment of properties owned by the defendants.

 

The lawsuit concerns precautionary measures concerning properties previously mortgaged in favor of the company, pending the completion of audit procedures related to the former managing director’s tenure.

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