Chemanol shareholders to vote on lawsuit against former board members on Oct. 19

Logo of Methanol Chemicals Co. (Chemanol)

Methanol Chemicals Co. (Chemanol) announced that Sunday, Oct. 19, is set to hold an ordinary general meeting (OGM) to vote on filing a liability lawsuit against Sabri Al-Ghamdi, the company’s former Managing Director and CEO and former board member, and Abdullah Abdulaziz Al-Zunaidi, in his capacity as a former board member.

The OGM will also decide on authorizing the board to take the necessary legal and regulatory actions pertaining to the lawsuit.

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Chemanol’s board on Sept. 25 recommended submitting a proposal to the OGM for suing Abdullah Abdulaziz Al-Zunaidi for violations committed during his tenure as a board member or in executive roles, whether through direct or indirect authority, according to Argaam’s data.

The company said the violations include breaches of the Companies Law, the Capital Market Law, and its executive regulations. Furthermore, it will be argued that the shareholders have given the board permission to take the necessary legal actions.