Thimar says court to reconsider claim against former board members

Thimar was informed of the decision on Nov. 24, 2025, by the General Secretariat of CRSD

Thimar Development Holding Co. announced that an appeal decision was issued in the company's favor, returning the case against former board members to the Committee for Resolution of Securities Disputes (CRSD) for reconsideration.

CRSD previously issued a decision not to hear the case against the defendants due to the lack of authorization of the current board of directors.

The company was informed of the decision on Nov. 24 by the General Secretariat of CRSD, it said a statement to Tadawul.

Any updates will be disclosed in a timely manner.

According to data available with Argaam, Thimar filed a complaint with the Capital Market Authority (CMA) on March 14, 2023, against former board members who served between March 6, 2017, and July 4, 2021, demanding SAR 230 million in damages and related legal costs. This came after shareholders authorized the board in October 2022 to pursue the case.

CRSD decided, on July 27, 2025, to dismiss the lawsuit due to a lack of authorization from the general assembly.

Thimar then filed an appeal on Sept. 4, 2025, against the CRSD decision.