Tadawul Group, allegedly, Demand BDSR Technologies, to Pay Outstanding Bills

A lawsuit has been filed by the Saudi Tadawul Group Holding Company (formerly the Saudi Stock Exchange Company) against BDSR Technologies, regarding the defendant company’s failure to pay the bills owed, as mentioned, in the lawsuit, the 2nd Circuit of the committee for the Securities Disputes’ Settlement, announced.

A session has been set for Monday, January 10, 2022, at 12:30, in the committee’s headquarters, as the date for adjudging the case, according to Umm Al-Qura Gazette.

This constitutes a notification to the defendant or his representative, under a legitimate agency of the date of the session, and in the event of failure to appear, at the committee’s headquarters, within the specified date, the circuit will adjudge the case, according to papers, at avail, before it, and issue its decision, In Absentia, the Second circuit of the Securities Disputes Committee confirmed.

It is noteworthy that Tadawul has mentioned in its prospectus, that it had filed a lawsuit under a license agreement to use Tadawul information, concluded between the Saudi Stock Exchange Company Tadawul and the other party, whose name it did not mention, in relation to the other party’s previous violation of submitting it.

Incorrect and inaccurate reports and information under the terms and conditions of the license agreement, shall result in the issuer being entitled to an amount exceeding what the other party has paid for services obtained, under the agreement.

As the other party refuses to pay the amounts, and due to this violation, or to resolve the dispute amicably.

Accordingly, Tadawul has resorted to the competent judicial authorities, in the Kingdom.

According to the prospectus, Tadawul demand the other party to pay as sum amounting to SR37 million.

It did not mention the name of the company, because it might have a negative impact on its transaction or reputation, in the financial market, in general, or its shares’ trading, in the stock exchange, in particular, a side note from Tadawul claimed.

The second circuit of the Committee for the Securities Disputes settlement, for its part, did not reveal other details about the lawsuit, the volume of the claim, or the service in respect of which bills owed to Tadawul were recorded.

Accordingly, it was not clear whether the intended company was BDSR Technologies or not.

Tadawul was contacted, to clear the mess, however, it neither commented nor answered Maaal questioning request.