Al Jouf Cement says Competition Law violation was in 2018

Al-Jouf Cement factory 

Al Jouf Cement Co. said that the violation of the Competition Law, published by the General Authority for Competition, dates back to 2018. However, the final decision was issued in 2022.

In a statement to Tadawul, the cement producer said several administrative measures were taken in the third quarter of 2022 to avoid such a violation, among others.

The company announced a reformation of its board of directors, appointing a replacement to the Chairman and two independent members.

The audit committee was also reshuffled, and an alternative executive management was appointed including the CEO, Chief Financial Officer, Vice President of Marketing and Sales, and the internal auditor.

Further, the company’s board reaffirmed its complete rejection of any unethical practices through monopoly or unfair competition.

The company will take legal action against those responsible for this grave violation to claim financial and moral compensation.

There is no financial impact on the company in 2023, Al Jouf Cement added, noting it allocated a retroactive provision for the 2021 financial statements, as mentioned in the notes to the 2022 financial statements.