Dubai’s court of appeal has ordered MML Mideast Limited to pay Mohammad Al Mojil Group (MMG) SAR 236 million ($63 million) in response to a claim filed by the Saudi firm in 2013.
The ruling, which was made on July 15, terminated the contract between the two companies, while MML was required to pay legal fees, Al Mojil said in a statement to Tadawul.
The Tadawul-listed company added that it expects to make net profit after receiving its due amounts.
In 2008, MMG entered into a deal with MML Mideast to provide equipment for MMG’s Manifa oil refinery. However, MML Mideast failed to fulfill the contract terms, which led MMG to incur losses in Q2-2012.
Comments
{{DisplayName}}
{{ElapsedTime}}