‎Thimar gets final favorable court ruling ordering SNB to pay SAR 6.8M

Thimar Development Holding Co. received on Sept. 18 a favorable court ruling in the lawsuit filed against Saudi National Bank (SNB) before the banking and finance disputes and violations committees.

A final ruling was issued, ordering SNB to pay SAR 6.76 million in compensation for checks issued in the name of Thimar, according to a Tadawul filing today, Oct. 1.

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The lawsuit was initially brought to order SNB to pay SAR 8.41 million – the value of the disputed checks. Thimar said the bank deposited the two checks — issued in its favor and marked “payable to first beneficiary only”, namely into another company’s account.

Thimar Development Holding Co. received on Sept. 18 a favorable court ruling in the lawsuit filed against Saudi National Bank (SNB) before the banking and finance disputes and violations committees.

A final ruling was issued, ordering SNB to pay SAR 6.76 million in compensation for checks issued in the name of Thimar, according to a Tadawul filing today, Oct. 1.

The lawsuit was initially brought to order SNB to pay SAR 8.41 million – the value of the disputed checks. Thimar said the bank deposited the two checks — issued in its favor and marked “payable to first beneficiary only”, namely into another company’s account.