Dar Al-Saudi: Execution Court obliges former board members to execute amount of 69.1 million riyals within 5 days of notification

Logo of Dar Al-Saudi Investment Company

Dar Al-Saudi Investment Company (formerly Al-Baha Investment and Development Company) announced that the Enforcement Department of the Execution Court in Riyadh has issued, in each of the six enforcement requests against the former board members for the term from February 10, 2010 to February 9, 2013, the enforcement order stipulated in Article Thirty-Four of the Enforcement Law.

The company clarified in a statement on Tadawul that the order included obligating the enforcement defendants to execute the content of the enforcement instrument within 5 days from the date of their notification, with a total amount of 69.1 million riyals.

It stated that in case of non-execution within the statutory deadline, the measures and procedures stipulated in the Enforcement Law and its implementing regulations will be taken.

The company confirmed that it is following up on the enforcement procedures through its legal advisor, indicating that it will announce to its shareholders any material developments that occur in this regard.

According to data available on Argaam, Dar Al-Saudi had recently announced the Appeals Committee's decision to uphold the decision of the Committee for the Resolution of Securities Disputes obligating former board members, jointly and severally, to pay approximately 68.7 million riyals, and obligating them to pay 500,000 riyals in compensation for legal fees.

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