MESC settles all legal disputes in Jordan

In a Tadawul statement today, May 19, MESC added that the settlement implies no financial impact.

With regard to the transfer of ownership in MESC Jordan to banks, their shareholdings will be assigned upon completion of the required legal procedures with the competent authorities in the Hashemite Kingdom of Jordan. These stakes do not carry any book value in the company's records.

MESC has obtained an official letter from the competent authorities that stipulates the final and comprehensive discharge of the company and its board members. All lawsuits and legal disputes filed against the company in the Hashemite Kingdom of Jordan have been dropped under the agreement.

In February 2021, MESC said that a procedural request was issued by the Amman Court to convert the precautionary seizure into an executive seizure regarding the funds belonging to MESC Jordan, amounting to SAR 11.91 million, according to data available with Argaam.

In 2022, MESC signed a settlement agreement with the plaintiff parties in Jordan to waive all lawsuits and legal disputes. As part of the agreement, MESC KSA Co. undertook to assign all of the shares owned by it and pledged in its favor in MESC Jordan. The latter’s operations had been ceased, and its assets were sold in a public auction.