Thimar clarifies statement on former Managing Director, board members’ conviction

Logo of Thimar Development Holding Co. 

Thimar Development Holding Co. issued a clarification about the General Secretariat of the Committees for Resolution of Securities Disputes’ (GS-CRSD) announcement on July 6, convicting the former Managing Director and other board members (who exercised their duties before July 2021) of violating the market rules and executive regulations.  

In a statement to Tadawul, Thimar pointed out that when the board of directors appointed in July 2021 and the current board appointed in May 2023 assumed responsibility, they found out multiple direct and indirect violations and abuses made earlier.  

The most prominent consequences of these violations were trading suspension and the cessation of the company’s activities.   

To this extent, the board as part of its duties preserved the company's assets, and resumed trading on the company’s stock, after resolving the relevant issues. 

It also filed a liability action against the former board, claiming SAR 230 million as mentioned in the company’s announcement on March 14, 2023. The action was filed to protect Thimar’s funds and recover shareholders’ rights. 

Meanwhile, Thimar stressed that it is working on remedying many violations. It also made a record for the company’s assets after an inventory. 

According to the GS-CRSD, a final decision in the public case filed by the Capital Market Authority (CMA) was issued against a number of former board members and executives of Thimar, Argaam earlier reported.