Saudi Door States Ex-Members Must Pay 69.2M Riyals
Darb Saudi Investment Company, formerly known as Al Bahaa Investment and Development Company, announced that the Securities Dispute Resolution Committee's Appeals Panel has rejected the appeal for reconsideration submitted by a former board member. This appeal was against a ruling requiring six former members to pay a total compensation of 69.2 million SAR. The amount includes 68.7 million SAR as compensation for direct damages suffered by the company, and 500,000 SAR for legal fees and attorney expenses, resulting from damages caused by an asset swap transaction during the board's 2010-2013 term. The company is in the process of taking the necessary legal procedures to enforce the judgment and recover the awarded amounts, with no change to their value.
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