Chemanol board recommends lawsuit against former executives

10:22 AM (Mecca time) Argaam
Logo ofMethanol Chemical Co. (Chemanol)

Logo of Methanol Chemical Co. (Chemanol)

Methanol Chemical Co. (Chemanol) said on Sept. 25 its board of directors has recommended that the General Assembly vote on filing a liability lawsuit against former board member and CEO Sabri Al-Ghamdi, as well as former board member Abdullah Al Zunaidi.

 

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The recommendation relates to their direct or indirect executive roles during their time on the board or in management, holding them responsible for violations committed during that period, the company said in a filing to Tadawul.

 

Chemanol said the breaches involved the Companies Law, the Capital Market Law, and related regulations, as well as other applicable rules. It also asked shareholders to authorize the board to take the necessary legal measures.

 

The company stressed it would not hesitate to act to protect shareholders’ rights and interests, and reiterated its rejection of practices that contravene regulations. It said any further developments would be disclosed in due course.

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