United Mining: Court cancels fine imposed by Committee for Adjudication of Competition Law Violations

United Mining Industries Company announced on Sunday that it has received on 01/11/2024 the decision issued on 27/12/2023 by the Administrative Court in Riyadh to cancel the third paragraph of the decision of the Committee for Review and Adjudication of Competition Law Violations, number (233), dated 06/09/2023), thus canceling the Company’s fine.

The Company explained that the expected financial impact is 14,400,000 Saudi Riyals, Including the claimed sums, fees and any other charges.

The Company added that in case the decision to cancel the third paragraph of the decision of the Committee for Review and Adjudication of Competition Law Violations is overturned, the Company will bear this fine.

The Company believes that this claim is incorrect and that the accusations against it are incorrect.

This comes with reference to what was stated in the supplementary prospectus issued on 20/09/2023) that the company received the decision of the General Secretariat of the Committee for Review and Adjudication of Competition Law Violations No. (233) and dated 06 /09/2023), which includes imposing a penalty on the company, which is a fine of fourteen million and four hundred thousand (14,400,000) Saudi riyals, and that for company potential violation of the Competition Law and its implementing regulations accused of violation of Article 5, paragraph 1, of the Competition Law and paragraph (a) of Article 8 of the implementing regulations, through the agreement between the establishments to determine prices of goods, service fees, and terms of sale and purchase.