Logo ofMethanol Chemicals Co. (Chemanol)
Methanol Chemicals Co. (Chemanol) approved to file a liability lawsuit against Sabri Al-Ghamdi, the company’s former Managing Director and CEO and former board member, and Abdullah Abdulaziz Al-Zunaidi, in his capacity as a former board member, according to a statement to Tadawul. 
The decision came during the ordinary general meeting (OGM) held on Oct. 19.
The OGM authorized the board to take the necessary legal and regulatory actions in this regard.
Chemanol’s board on Sept. 25 recommended submitting a proposal to the OGM for suing Sabri Al-Ghamdi, the company’s former Managing Director and CEO and former board member, and Abdullah Abdulaziz Al-Zunaidi, in his capacity as a former board member for violations committed during their tenure as board members or in executive roles, whether through direct or indirect authority, according to Argaam’s data.
The company said the violations include breaches of the Companies Law, the Capital Market Law, and its executive regulations. The recommendation further included requesting shareholders to give the board permission to take the necessary legal actions.
Logo ofMethanol Chemicals Co. (Chemanol)
Methanol Chemicals Co. (Chemanol) approved to file a liability lawsuit against Sabri Al-Ghamdi, the company’s former Managing Director and CEO and former board member, and Abdullah Abdulaziz Al-Zunaidi, in his capacity as a former board member, according to a statement to Tadawul.
The decision came during the ordinary general meeting (OGM) held on Oct. 19.
The OGM authorized the board to take the necessary legal and regulatory actions in this regard.
Chemanol’s board on Sept. 25 recommended submitting a proposal to the OGM for suing Sabri Al-Ghamdi, the company’s former Managing Director and CEO and former board member, and Abdullah Abdulaziz Al-Zunaidi, in his capacity as a former board member for violations committed during their tenure as board members or in executive roles, whether through direct or indirect authority, according to Argaam’s data.
The company said the violations include breaches of the Companies Law, the Capital Market Law, and its executive regulations. The recommendation further included requesting shareholders to give the board permission to take the necessary legal actions.
