A Saudi court has adjourned the lawsuit filed by Mohammed Qusai Asaad, a shareholder at Arabian Sulfonates Co. (ASCO) against Saudi Arabia Refineries Co. (SARCO) to November 15, 2017, the company said in a statement to Saudi bourse, Tadawul.
In August, a court held an urgent hearing to consider the lawsuit as ASCO’s chartered accountant said that all financial records related to the period from 2014-2016 were damaged during the fire, and no report has been yet issued by the civil defense to explain the fire reasons.
The accountant had earlier provided the external auditor with copies of financial records for 2014 and 2015, but failed to submit any documents for 2016 – when the company incurred major losses – citing a fire.
SARCO currently owns 34 percent of ASCO. Last November, SARCO filed a lawsuit against ASCO’s management team over major financial losses.
In December 2016, ASCO’s shareholder Mohammed Qusai Asaad had filed a claim against SARCO, requesting the liquidation of the financially troubled sulfonates unit.
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