Logo ofMethanol Chemical Co. (Chemanol)
Methanol Chemical Co. (Chemanol) announced on Sept. 25, that its board of directors recommended submitting a proposal to the company’s General Assembly to vote on filing a liability lawsuit against former board member and CEO Sabri Abdullah Al-Ghamdi, as well as former board member Abdullah Abdulaziz Al Zunaidi. 
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The recommendation cites their direct or indirect executive powers during their tenure on the board or in executive management, and their responsibility for violations committed during that period.
In a statement to Tadawul, Chemanol said the violations include breaches of the companies law, the capital market law and its implementing regulations, or other applicable laws and regulations.
The company also asked the general assembly to authorize the board of directors to take the necessary legal measures in this regard.
Chemanol stressed it will not hesitate to take any action needed to safeguard shareholders’ rights and interests, reaffirming its full rejection of any practices that contravene regulations. The company added it will disclose any further developments on the matter in due course.
Logo ofMethanol Chemical Co. (Chemanol)
Methanol Chemical Co. (Chemanol) announced on Sept. 25, that its board of directors recommended submitting a proposal to the company’s General Assembly to vote on filing a liability lawsuit against former board member and CEO Sabri Abdullah Al-Ghamdi, as well as former board member Abdullah Abdulaziz Al Zunaidi.
For more news on listed companies
The recommendation cites their direct or indirect executive powers during their tenure on the board or in executive management, and their responsibility for violations committed during that period.
In a statement to Tadawul, Chemanol said the violations include breaches of the companies law, the capital market law and its implementing regulations, or other applicable laws and regulations.
The company also asked the general assembly to authorize the board of directors to take the necessary legal measures in this regard.
Chemanol stressed it will not hesitate to take any action needed to safeguard shareholders’ rights and interests, reaffirming its full rejection of any practices that contravene regulations. The company added it will disclose any further developments on the matter in due course.
