Thimar submits a complaint to Ministry of Commerce on SR60 mln ‎losses

Thimar Development Holding announced that it had submitted a complaint to the Ministry of Commerce No. 9027 dated 2/24/1444 AH corresponding to 9/21/2022 AD against the board of directors of the two associate companies “Thimar Markets” and “Wasma Agricultural” in which “Thimar” owns a thirty percent stake (30%), which includes an investigation with the board of directors of the two companies for violations of the companies’ system, including non-compliance with issuing financial statements, losses exceeding more than half of the company’s capital, and charging “Thimar Development Holding” a loss of more than 60 million riyals.

These charges payable in favor of Thimar Development Holding are against the associate company and not informing the partners of the essential facts that occurred in the company.

The company said in a statement today on “Tadawul” that it does not expect to bear any responsibility as a result of its filing the aforementioned complaint, stating that the company submitted it according to the documents available and after obtaining legal advice.