Aseer claims SAR 207 mln refunds from Riyadh land seller, deal broker

Aseer Trading, Tourism & Manufacturing Co. filed a lawsuit against the seller of the land located in north of Riyadh and requested the refund of the paid land price of SAR 202 million, the company said in a bourse filing.

The company also claims to retain its right to any compensation for the damage caused as a result of revoking the land title.

It also filed a claim against the deal broker requesting a refund of SAR 5.24 million in commission.

The step aims to protect the company’s rights. Aseer has previously addressed the seller to recover the land price, but no action was taken, the statement added.

Aseer does not expect to any material liability or legal risks as a result of filing this claim, adding that no related parties are involved in the deal.

In July 2009, Aseer announced the purchase of a 3.2 million square meters land in northern Riyadh to set up a medical educational city, with other real estate projects, according to data compiled by Argaam.

The company received a letter from the land seller last April stating that the land title was revoked by the court due to reasons out of his control