SARCO says case against Sulfonates to be heard on Feb.13

11/12/2016 Argaam

Saudi Arabia Refineries Company (SARCO) said in a statement to the Saudi bourse its lawsuit against Arabian Sulfonates Company’s (ASCO) management was scheduled for hearing on Feb. 13, 2017.

 

SARCO is asking for SAR 26.27 million for major losses caused by ASCO’s management, in addition to adequate financial compensation, according to Argaam.

 

SARCO said it has added a SAR 3.87 million provision for doubtful debts to its financial statements for the losses and 50 percent in bank facilities, which would be settled in the event that the company wins the case against ASCO.

 

SARCO currently owns 34 percent of Arabian Sulfonates Company.

 

The lawsuit has been filed at Jeddah Administrative Court.

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