Thimar appeals ruling against former board members

08:41 AM (Mecca time) Argaam
Logo ofThimar Development Holding Co.

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. said it filed an appeal on Sept. 4, 2025, against a decision by the Committee for the Resolution of Securities Disputes (CRSD).

 

The ruling dismissed its lawsuit against former board members, citing the current board lacked a mandate from the general assembly.

 

 

The company said in a Tadawul statement it will disclose any material updates related to the case.

 

CRSD decided on July 27 to dismiss the lawsuit against former board members who served between March 6, 2017, and July 4, 2021, due to lack of authorization from the general assembly, according to Argaam’s data.

 

Thimar had filed a complaint with the Capital Market Authority (CMA) on March 14, 2023, demanding SAR 230 million in damages and related legal costs. This came after shareholders authorized the board in October 2022 to pursue the case.

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