Herfy faces SAR 37.6 mln claim from Ahmed Al Saeed, no provisions yet

08/11/2021 Argaam Special

Former CEO Ahmed Al Saeed

Ahmed Al Saeed, the main shareholder and former Chief Executive Officer (CEO) of Herfy Food Services Co., filed a lawsuit in the Labor Court in Riyadh, claiming SAR 37.58 million, as his entitlement for unpaid leave balance for the last 40 years.

 

The company said, in its financial statements, that the lawsuit was filed in the third quarter of 2021 and is currently ongoing in court.

 

Based on legal advice, the company expects to win the lawsuit. Hence it has not set provisions for the claim in the current financial statements.

 

Al Saeed, considered as one of the company's founders and a major shareholder with a 20% stake (12.9 million shares), was the CEO until his resignation on April 25, 2021, due to conflict of views between both sides.

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