Aseer: Department of large cases obliges seller of land in Riyadh to return SR202 mln

Aseer Company for Trade, Tourism and Industry announced on Thursday that the General Department for large cases of the General Court in Riyadh issued its initial ruling regarding a lawsuit against the seller of land north of Riyadh, demanding the return of SR202 million in favor of the company, as follows:

1-         To terminate the sale’s contract pertaining to north Riyadh land between the buyer and the seller and what’s entitled to it.

2-         The defendant (seller) is obligated to repay an amount of SR202 million to the company (buyer).

Noteworthy, this is a preliminary ruling and each party would be receiving a copy of said ruling on 06.02.2022 and each party has the right to appeal during 30 days from ruling date.

The company clarified to its valued shareholders the following:

1-         The company have previously submitted an objection memo to the Appeal Court on 28/04/2021 regarding the court ruling dated 01/04/2021 retracting the previous ruling dated 08/11/2020, which decided to terminate the sale’s contract pertaining to north Riyadh land between the buyer and the seller and what’s entitled to it. The rejection was due to lack of specific jurisdiction because the case was one of the major cases whose amounts exceed SR100 million and that it is covered by the jurisdiction of the large cases department in the General Court in Riyadh, which ruled in favor of the company on 02/02/2022.

2-         This ruling has no financial impact on the company and we will announce any substantial developments in this regard.

This comes with reference to the company’s announcement on Tadawul 04/04/2021 regarding the acceptance of the petition submitted by the defendant (land seller) to the Appeal Court, which overruled the previous ruling, resulting in rejecting the plaintiff’s (company) case.