GACO says court rejects appeal claim filed by Al Bandariyah Group

08/09/2020 Argaam

Al Gassim Investment Holding Co. (GACO) said in a bourse filing that Riyadh’s appeal court rejected an appeal claim filed by Al Bandariyah Group commercial units against the company.

 

Al Bandariyah’s commercial units are operating in food, dairy and agricultural production, as well as in the marketing of agricultural products.

 

The relevant financial impact will be disclosed in due course, the statement added.

 

In 2009, GACO 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.

 

In January 2019, Riyadh Administrative Court issued a ruling in favor of GACO over the claim filed against Al Bandariyah Group. Then, Riyadh’s appeal court upheld a previous ruling against Al Bandariyah Group, ordering the latter to pay SAR 27.83 million to the company.

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