SARCO’s lawsuit against sulfonates affiliate postponed to April 17

13/02/2017 Argaam

Saudi Arabia Refineries Co.’s (SARCO) lawsuit against Arabian Sulfonates Company (ASCO) has been postponed until April 17, 2017, the company said in a statement.

 

The claim was filed by SARCO for the liquidation of ASCO, its 34 percent-owned affiliate, over major financial losses that exceeded 50 percent of the company’s capital.

 

SARCO asked for SAR 26.27 million in financial losses it claimed were caused by ASCO’s management, in addition to adequate compensation.

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