Thimar files liability lawsuit against previous BOD members, demands SAR 230 mln in compensation

Thimar Development Holding Company announced on Tuesday that it registered the complaint with the Capital Market Authority No. 04/12/2161/23 and the date of 03/14/2023 AD against the members of the Board of Directors of Thimar Development Holding Company in the two previous sessions shown above, and it includes a claim for compensation of 230 million riyals and the consequent compensation

The company appointed an accounting expert to study the observations and suspicions made by the company’s board of directors in its two previous sessions, who in turn examined the company’s accounting and financial records, reviewed the relevant documents and submitted its accounting report during the said period 2- Accordingly, the company appointed legal advisors to undertake the study of the case in form and substance and to file it at the request of the shareholders, based on the report of the accounting expert.

This comes in reference to the latest developments regarding the shareholders’ request to file a liability lawsuit with the Capital Market Authority No. F / 12/2161/23 and the date of 03/14/2023 against the previous board of directors in its two previous sessions shown above, and it includes a claim for compensation of SAR 230 million and the consequent compensation.

The company said it will announce to the shareholders any developments regarding the above.