Saudi Arabia Refineries Company (SARCO) said it has filed a lawsuit against Arabian Sulfonates Company’s (ASCO) management team over major financial losses.
The company is asking for SAR 26.27 million representing major losses caused by ASCO’s management, in addition to adequate financial compensation, it said in a statement to the Saudi bourse.
SARCO said it has added a SAR 3.87 million provision for doubtful debts to its financial statements for the losses and 50 percent in bank facilities, which would be settled in the event that the company wins the case against ASCO.
SARCO currently owns 34 percent of Arabian Sulfonates Company.
The lawsuit has been filed at Jeddah Administrative Court, SARCO added.
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