Saudi Paper Manufacturing Initiates Legal Procedures to Recover SR17,3 mln in Fraud Case

The Saudi Paper Manufacturing Company management announced on Thursday the initiation of procedures to recover their rights against the executor against him (the buyer), as the application for execution was submitted to the Execution Court in Riyadh and the application was registered in the number: 401024300151996

This comes as Saudi Paper Manufacturing Company announced the latest developments for the company’s (previous) announcement that a suspicion of fraud was discovered in the company’s accounting entries during 2017.

This also comes in reference to the company’s announcement published on the Tadawul website on 05/01/2022, which includes the issuance of a final judicial ruling by the Court of Appeal in Riyadh in Case No. (411368592) upholding the judgment issued in favor of the company in the case of selling the company’s lands, obligating the buyer to pay an amount of 17,300,000 riyals in favor of the Saudi Paper Manufacturing Company .