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Al-Darb Saudi Arabia Owes 69.2M Riyals
Darb Saudi Investment Company, formerly Al-Baha Investment and Development Company, announced that the Appeals Committee in Securities Disputes upheld the judgment requiring six former members of the Board of Directors to pay total compensation of 69.2 million Saudi Riyals. This compensation is due to damages resulting from an asset swap deal that took place during the board's tenure from 2010 to 2013. The amounts include 68.7 million Riyals as compensation for direct damages, along with 500,000 Riyals for legal fees and lawyer expenses. The company has rejected the appeal for reconsideration submitted by one of the former members. The company is in the process of taking the necessary legal procedures to enforce the judgment and recover the awarded amounts, with no change to the value or the wording of the verdict.
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