Logo of Saudi Darb Investment Co.
Saudi Darb Investment Co. (formerly Al-Baha Investment and Development Co.) said the Appeal Committee for Securities Disputes rejected a petition for reconsideration filed by a former board member. 
The petition concerned a final ruling ordering six former board members to pay the company SAR 69.2 million in compensation.
In a statement to Tadawul, the company said the decision on the petition does not affect the total compensation of SAR 69.2 million, comprising SAR 68.7 million for damages incurred as a result of the asset swap transaction and SAR 500,000 in legal fees.
The ruling was issued against six former board members who served from Feb. 10, 2010, to Feb. 9, 2013, who were held jointly and severally liable.
The Appeal Committee for Securities Disputes upheld the ruling, making it final and enforceable.
The company said it continues to pursue enforcement proceedings against the defendants through its legal adviser.
It added that it would disclose any material developments in accordance with the relevant laws and regulations.
According to data available with Argaam, Saudi Darb announced in July that the case against the six former board members, seeking SAR 100 million in compensation for the period from Feb. 10, 2010, to Feb. 9, 2013, had entered the enforcement phase before the Enforcement Court in Riyadh.
The court ordered the defendants to comply with the enforcement instrument within five days of notification, with the amount due totaling SAR 69.2 million.
Logo of Saudi Darb Investment Co.
Saudi Darb Investment Co. (formerly Al-Baha Investment and Development Co.) said the Appeal Committee for Securities Disputes rejected a petition for reconsideration filed by a former board member.
The petition concerned a final ruling ordering six former board members to pay the company SAR 69.2 million in compensation.
In a statement to Tadawul, the company said the decision on the petition does not affect the total compensation of SAR 69.2 million, comprising SAR 68.7 million for damages incurred as a result of the asset swap transaction and SAR 500,000 in legal fees.
The ruling was issued against six former board members who served from Feb. 10, 2010, to Feb. 9, 2013, who were held jointly and severally liable.
The Appeal Committee for Securities Disputes upheld the ruling, making it final and enforceable.
The company said it continues to pursue enforcement proceedings against the defendants through its legal adviser.
It added that it would disclose any material developments in accordance with the relevant laws and regulations.
According to data available with Argaam, Saudi Darb announced in July that the case against the six former board members, seeking SAR 100 million in compensation for the period from Feb. 10, 2010, to Feb. 9, 2013, had entered the enforcement phase before the Enforcement Court in Riyadh.
The court ordered the defendants to comply with the enforcement instrument within five days of notification, with the amount due totaling SAR 69.2 million.
