NATPET describes GOSI’s statement as ‘defamatory’

National Petrochemical Industrial Co. (NATPET) issued on Feb. 27 a new statement, in response to the clarification made by the Saudi General Organization for Social Insurance (GOSI) on the statements of Khalid Zazoog, NATPET’s CEO.

NATPET described this clarification as “defamatory”, adding that it included false information and fabrication of facts, the company said in a statement to Argaam.

It added that GOSI’s statement, which was issued on Feb. 26, was biased and aimed to support a joint stock company.

In addition, some aimed to influence shareholders in the latest general assembly of Alujain and the upcoming board elections in Alujain, to act against the interest of NATPET and its shareholders – which is the reason behind the issuance of that clarification at this time, the company explained.

1) Based on the commercial court ruling, issued in November 2019, NATPET asserted that the court ruling, issued on invalidating the decision on distributing SAR 1 per share dividends, was final and enforceable.
 

NATPET added that it is surprised at GOSI’s statement about filing an appeal against the final ruling above.

2) Based on the previous minutes of NATPET’s board meetings, the company asserted that GOSI was well aware of merger plans with Alujain.

3) NATPET also confirmed that GOSI’s claim about being a representative on NATPET’s board is false, as it violates the company’s articles of association.

4) In addition, GOSI’s statement aimed intentionally to distort NATPET CEO’s statement about Alujan and GOSI’s vote against issuance of quarterly statements by NATPET.
 

GOSI, in the general assembly held on June 24, 2019, voted against allowing NATPET to prepare quarterly financials within 21 days from the end of every quarter and to disclose such financials to shareholders after being audited.

GOSI has also internationally disregarded to mention in its clarification that the item amendment was the only possible measure in light of NATPET’s clear articles of association.

NATPET will take the procedures required to protect its rights against any party that aims to defame the company using false information and fabricated facts, the statement concluded.