SIDC says court rejects Juhayna’s verdict explanation request

Logo of Saudi Industrial Development Company (SIDC)

Saudi Industrial Development Co. (SIDC) was notified by its lawyer that the appeal court annulled a previous ruling by the court of first instance affirming its judgment on rejecting an interpretation request, which was jointly filed by  Juhayna Trading, Industry and Contracting Co. and Abbas Abdel Gawad for the payment of amounts ordered for SIDC.  

In addition, the court rejected the payment of ordered amounts in Saudi riyal, according to a bourse filing.  

No financial impact is expected from the court decision, the statement added, noting that any collected amount will be credited on collection to appear in the financial statements of a later period.  

In January 2019, Jeddah’s commercial court accepted a request for interpretation of the final ruling issued previously against SIDC’s partners, Juhayna and Abbas Abdel Gawad, according to data compiled by Argaam.  

The court, however, rejected a request for payment of the adjudged sum in Saudi Riyal.  

In July 2018, SIDC received a final court ruling in its favor from Jeddah’s commercial court, in the lawsuit filed against its former partner, Juhayna. The latter was ordered by the court to pay SIDC total dues of SAR 15.19 million.   

In 2011, the Board of Grievances ruled that Juhayna must sell its full stake in the Global Marketing Company for Sleeping System (Sleep High Saudi Arabia) and other companies in Egypt to SIDC.