AI Summary
| Element List | Explanation |
|---|---|
| Introduction | Saudi Paper Manufacturing Co. Announces On registering the liability lawsuit against Ex-Board Member and the CEO, Hassan Bin Mrizn Asiree |
| Lawsuit Opponent | Hassan Bin Mrizn Asiree |
| Name of the Plaintiff | Saudi Paper Manufacturing Co. |
| Type of the Lawsuit | Liability suit |
| Name and Location of the Competent Judicial Authority | Commercial Court |
| Date of Submitting the Lawsuit | 2021-01-28 Corresponding to 1442-06-15 |
| Summery of the Lawsuit and its Reasons | Financial and administrative violations, with an estimated value of 40,950,914 SR
1- Selling the (company's) factory in Morocco without collecting the sale amount, and without collecting it back after that, and did not disclosed. 2- Participation in the responsibility to cancel the debt of seventeen million three hundred a thousand riyals (SAR 17.3 million), which is part of the value of selling the company's land, and hide that from the financial reports, and did not disclosed. 3- Giving large credit facilities to a small client and receiving illegal bonds. 4- Other financial and administrative violations. |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | Positive impact in-case of refunding the amount of claim |
| Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing | Nothing |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | According to the available documents with company, legal advised to obtained, confirming its right to claim from Engr. Hassan Bin Mrizn Asiree to pay these amounts, the company does not expect to have any responsibility due to its filing of the lawsuit.
Note that the company has contacted the defendant and requested him to reconcile this matter, but he did not respond to that. |
| Additional Information | Nothing |
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