KEIR International Wins Final Court Ruling for SAR 5 Million Compensation

KEIR International announced on March 6, 2025 that the Commercial Court in Riyadh has ruled in its favor, affirming its entitlement to the contractual compensation stipulated in the agreement. The court issued a final ruling, ordering the defendant, Quadratics Development LLC, to pay SAR 5 million to KEIR International. The ruling has become legally binding following the expiry of the appeal period.

In a statement released today on Tadawul, the company disclosed that it had signed a business development agreement with Quadratics Development LLC. However, it later received a letter from Mr. Laerte De Pontes, the CEO of Quadratics, unilaterally terminating the agreement. KEIR International subsequently filed a lawsuit seeking contractual compensation due to what it described as an unlawful termination by Quadratics Development LLC.

The company clarified that the termination of the agreement will have no impact on its operations in the construction sector. It continues to execute its projects in line with its approved strategic plans and is moving forward with expanding its business, leveraging its extensive expertise and professional capabilities.

This announcement follows KEIR International’s disclosure on Tadawul on August 16, 2022, regarding the signing of an agreement with Quadratics Development LLC. In that announcement, the company stated that Larty de Pontes, CEO of Quadratics, had notified KEIR International of the unilateral termination of the agreement