Thimar files complaint against Thimar Wasmi’s board on Companies Law violation

A branch of Thimar 

Thimar Development Holding Co. submitted a complaint to the Ministry of Commerce on Sept. 21 against the board of directors of its 30%-owned affiliate, Thimar Markets and Wasmi Agricultural Co. (Thimar Wasmi), the company said in a statement to Tadawul.

Thimar filed for investigating Thimar Markets’ board on violations of the Companies Law. The affiliate failed to comply with issuing financial statements, its losses exceeded 50% of the company’s capital. Thimar also incurred over SAR 60 million losses, represented in accounts payable of Thimar Wasmi.

Moreover, Thimar was not informed of material events in the affiliate.

Thimar does not expect to assume any responsibility for submitting the mentioned complaint, which was filed according to the documents available with Thimar and after obtaining the necessary legal advice, the company concluded.