Mohammad Al Mojil Group (MMG) said on Wednesday that four of its board members have stepped down as the company nears the final stages of its liquidation process.
Mohammed Al-Qarni, Adel Al-Jabarti, Salim Zamanan and Suhail Simbawa have all submitted their resignations, it added in a statement to the Saudi bourse.
An auctioning firm has seized Al Mojil’s assets, which will be auctioned off.
Under Saudi market regulations, the financially troubled contractor will be dissolved after failing to draft a restructuring plan within the given timeframe. The group’s losses have also exceeded 300 percent of the company’s capital, the statement added.
The four board members were elected to the board on March 7, Argaam earlier reported.
Last month, the Capital Market Authority’s appeals panel upheld a decision to sentence the group’s founder, Mohammed Bin Hamad Al-Mojil, and his son Adel Al-Mojil to five years in prison for irregularities and violations related to the company’s initial public offering (IPO).
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