Logo ofTwareat Medical Co. (TMC Health)
Twareat Medical Co. (TMC Health) announced that the Preliminary Circuit of the Riyadh Commercial Court issued a preliminary ruling on Aug. 25, in the lawsuit filed against Saudi Basic Industries Corp. (SABIC), according to a statement on Tadawul. 
Under the ruling, SABIC was ordered to pay Twareat SAR 1.03 million, plus SAR 6,500 representing its share of the expert fees deposited by the company.
The court also ruled not to hear Twareat’s claim for the contractual year from Dec. 1, 2019, to Nov. 30, 2020, due to the expiry of the statutory limitation period. It further ruled that it lacked jurisdiction over the company’s claim for VAT on the principal amount and dismissed the remaining claims.
The ruling is preliminary and subject to appeal upon receipt of the judgment instrument.
Twareat said it will announce any further material developments in due course.
Logo ofTwareat Medical Co. (TMC Health)
Twareat Medical Co. (TMC Health) announced that the Preliminary Circuit of the Riyadh Commercial Court issued a preliminary ruling on Aug. 25, in the lawsuit filed against Saudi Basic Industries Corp. (SABIC), according to a statement on Tadawul.
Under the ruling, SABIC was ordered to pay Twareat SAR 1.03 million, plus SAR 6,500 representing its share of the expert fees deposited by the company.
The court also ruled not to hear Twareat’s claim for the contractual year from Dec. 1, 2019, to Nov. 30, 2020, due to the expiry of the statutory limitation period. It further ruled that it lacked jurisdiction over the company’s claim for VAT on the principal amount and dismissed the remaining claims.
The ruling is preliminary and subject to appeal upon receipt of the judgment instrument.
Twareat said it will announce any further material developments in due course.
