Thamar's General Assembly Approves Re-filing Liability Lawsuit Against Former Board Members

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The ordinary general assembly of Thamar Development Holding Company approved, during its meeting yesterday, delegating the board of directors to re-file a liability lawsuit or lawsuits against former board members and former executive management members. The company said in a statement on Tadawul that this covers the period from March 6, 2017 to July 3, 2021, regarding any violations during their membership or work at the company, taking all necessary regulatory actions in this regard, and filing any subsequent lawsuits regarding any violations they committed during their membership or work at the company, whether those violations were contrary to the provisions of the Companies Law, the Capital Market Law and its implementing regulations, or any other relevant applicable laws and regulations, in a manner that ensures the protection of the rights of the company and its shareholders. It added that the general assembly approved authorizing the board of directors to file another lawsuit or lawsuits related to any violations committed by former board members and former executive management members, for the period from January 22, 2014 to May 13, 2026, regarding any violations during their membership or work in the company, and taking all necessary regulatory actions in this regard, and filing any subsequent lawsuits regarding any violations they committed during their membership or work at the company, whether those violations were contrary to the provisions of the Companies Law, the Capital Market Law and its implementing regulations, or any other relevant applicable laws and regulations, in a manner that ensures the protection of the rights of the company and its shareholders. According to data available on Argaam, Thamar had announced in May the issuance of a decision by the Appeals Committee for Securities Disputes which ruled to cancel the decision of the Committee for the Adjudication and dismissal of the liability lawsuit filed by the company against a number of former board members for the period from March 6, 2017 to July 4, 2021. The company explained at the time that the decision was based on the failure of the submitted lawsuit to provide the necessary data, as it did not specify the basis for claiming each defendant individually, in terms of identifying the errors committed by each defendant that led to harm to the company.

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