Court of Appeal Upholds Ruling on Paying SR17.3 mln in favor of ‘Paper Manufacturing’

The Saudi Paper Manufacturing Company announced on Wednesday that it has received a letter from its lawyer stating that a judicial ruling has been issued by the Court of Appeal in Riyadh in Case No. 411368592, upholding the ruling issued in favor of the company.

It also indicated that the buyer is obligated to pay an amount of SR17,300,000 to the company.

The company will, upon receipt of the judgment, submit it to the executive authorities to complete the execution of the ruling.

The impact will be positive on the company’s financial statements by adding profit of SR17,300,000

This comes with reference to the company’s announcement published on Tadawul website on 16.09.2021 and on 20.09.2021, which includes a suspicion of fraud in the 2017 financial statements regarding the sale of the company’s lands and based on the legal measures taken to preserve the rights of the company and the rights of shareholders.