TAPRCO Files Labour Lawsuit against Subsidiary to Claim SAR 15.3

Tihama Advertising, Public Relations and Marketing Company (TAPRCO) announced on Tuesday the filing a labour lawsuit with the Labour Court in Riyadh by the plaintiff Mr. Sari Ibrahim Al-Maayouf against one of its subsidiaries “Tihama Education Company” – One Person Company. The reason for it is the termination of the contract without a legitimate reason as stated in the lawsuit, and he is demanding an amount of 15,390,000 riyals as compensation for the remaining period of the contract.

The Company indicates that according to the alleged contract, the claimant held the position of General Manager of the subsidiary company with a fixed-term employment contract for a period of five years starting from April 03, 2023, and the reason for termination was based on the final and final decision No. 2870/L.S/2023 of 1444 dated May 07, 2023 issued by the Securities Disputes Appeal Committee, which ruled to prevent the claimant from working in companies whose shares are traded on the Saudi market for a period of ten years.

The Company has authorised the legal advisor to follow up on the lawsuit, and at this stage it is not possible to estimate the liability that it may bear as a result of the lawsuit until the start of the court sessions.