Saudi court orders Al Bandariyah to pay SAR 28 mln to Al Gassim Investment

Al Gassim Investment Holding Co. said on Wednesday that Riyadh Administrative Court issued a ruling in its favor over the claim filed against Al Bandariyah Group, the company said in a statement to the Saudi bourse (Tadawul).

The court ordered Abdullah Mansour Hamad Al Saghiyr Co. and Al Bandariyah's commercial units – operating in food, dairy and marketing of agricultural production to collectively pay Al Gassim a total of SAR 27.8 million.

The four parties represented the group as parties to the sale and sale termination contract.

Al Gassim added that the related financial impact will be disclosed later on.

In 2009, Al Gassim (formerly, Qassim Agricultural Co.) terminated its agreement with Al Bandariyah and requested the contract's value back after it claimed that it had "obtained financial information that affects its investments" in the group, Argaam reported.