Dur signs settlement agreement with financial institution

Dur Hospitality Co. headquarters

Dur Hospitality Co. signed a settlement agreement with a financial institution to amicably resolve their dispute. Dur earlier filed a lawsuit against this institution to the Banking Disputes Committee to invalidate contracts on securities.

Both parties will submit and register this settlement with the Banking Disputes Committee, Dur said in a statement to Tadawul.

This settlement will have a positive impact on the company’s Q3 2023 financial results.

In January 2021, Dur filed a lawsuit with the Committee for Resolution of Securities Disputes, against a financial institution operating in the Kingdom to invalidate securities contracts with the defendant, Argaam reported.

In February 2022, the company announced the issuance of a final judicial decision regarding the lawsuit, supporting the decision issued by the Committee for the Resolution of Securities Disputes, which lacks jurisdiction to consider the case.