Tihama lawsuit against former board members referred to resolution committee

07/11/2023 Argaam

Tihama lawsuit against former board members referred to disciplinary committee

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. announced receiving notification from its legal counsel regarding the development of its lawsuit against certain former board members.

 

The notification conveyed that the Appeal Committee for Resolution of Securities Disputes (ACRSD) issued a decision to refer the lawsuit to the Committee for Resolution of Securities Disputes (CRSD) to reevaluate its previous decision.  

 

In a statement to Tadawul, the company further explained that it will work closely with its legal counsel to determine the next steps in response to this decision. 

 

In March 2017, Tihama filed a legal claim against a number of its former board members before the Board of Grievances in Riyadh, according to data available on Argaam. 

 

In May 2018, the Commercial Court in Riyadh dismissed the lawsuit, citing the lack of any link between the different requests mentioned in the claim. 

 

Tihama filed a liability claim in May 2022 related to the company's rights against former board members before CRSD. 

 

In May 2023, the company announced that it was notified by its legal counsel of ACRSD’s decision on dismissing the company’s lawsuit against some former board members. 

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