MRNA initiates legal proceedings against former MD Al-Ghamlas

04:34 PM (Mecca time) Argaam
Logo ofMorabaha Marina Financing Co. (MRNA)

Logo of Morabaha Marina Financing Co. (MRNA)

Morabaha Marina Financing Co. (MRNA) said it has filed complaints with the Capital Market Authority (CMA) against former managing director (MD) Waleed Al-Ghamlas, seeking compensation for damages the company claims resulted from actions cited in a liability lawsuit.

 

The company said in a Tadawul statement that the move follows the decision of the ordinary general meeting (OGM) to pursue a liability claim against Al-Ghamlas, adding that the update confirms the initiation of legal procedures to protect the company and its shareholders.

 

MRNA said it will disclose any material developments related to the complaints, including any potential financial impact, in line with relevant regulations and when due.

 

The company reaffirmed its commitment to taking all necessary legal and regulatory measures to safeguard its interests and shareholder rights.

 

In April, the OGM approved suing Al-Ghamlas in his capacity as former MD, Argaam data showed.

 

The company also announced in August 2024 the dismissal of board member Al-Ghamlas for violating subparagraph (c), the first paragraph of Article 12 of the Finance Companies Control Law.

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