Court issues 3 verdicts in favor of Al-Fakhera

Logo of Al-Fakhera Men’s Tailoring Co.

Al-Fakhera Men's Tailoring Co. announced that, according to the disclosure in the offering prospectus, judicial rulings were issued in favor of the company in three cases against the Chairman.

The company received a preliminary ruling in Case No. 4670042175, and two final judgements in Cases No. 4531157621 and 4630132933, Al-Fakhera said in a statement to Tadawul.

It clarified that Case No. 4670042175 was filed with the Criminal Court in Riyadh and was brought against the Chairman by the Public Prosecution for violating the Anti-Commercial Fraud Law.

The Public Prosecution has requested the conviction of the Chairman for granting discounts without first obtaining a license from the Ministry of Commerce.

The company received an official statement from the Chairman, who completely denied these charges, stating it was a promotional offer and that there was no document criminalizing his behavior.

In Case No. 4531157621, the company received an official statement regarding the issuance of a final verdict in a case filed by a supplier concerning property rental.

The supplier filed a lawsuit against the Chairman, claiming that he had not paid the remaining rent of the property. At that point, the court accepted the preliminary rule issued by the judicial circuit to dismiss the lawsuit.

The company noted that the expected financial impact, including the claimed amount, is SAR 189,200.

Al-Fakhera also received a final judgment in Case No. 4630132933 against one of the suppliers regarding a property eviction.