Chemanol shareholders approve suing former board members

11:02 AM (Mecca time) Argaam
Logo ofMethanol Chemicals Co. (Chemanol)

Logo of Methanol Chemicals Co. (Chemanol) 

Methanol Chemicals Co. (Chemanol) approved to file 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, according to a statement to Tadawul.

 

The decision came during the ordinary general meeting (OGM) held on Oct. 19.

 

The OGM authorized the board to take the necessary legal and regulatory actions in this regard.

 

On Sept. 25, the board recommended suing Al-Ghamdi and Al-Zunaidi over alleged violations of the Companies Law, the Capital Market Law and related regulations during their tenure, according to Argaam’s data.

 

The company said the violations include breaches of the Companies Law, the Capital Market Law, and its executive regulations. The recommendation further included requesting shareholders to give the board permission to take the necessary legal actions.

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