Sinad collects outstanding dues from North Riyadh land seller

Sinad Holding Co. announced the latest developments following a Court of Appeal’s ruling in its favor, according to a statement on Tadawul.

The ruling obligates the seller of a land plot in North Riyadh (defendant) to pay SAR 202 million to the company and comply with enforcement requests issued against him.

The company initially submitted a request to the Enforcement Court on May 16, 2022. The court issued orders to suspend the defendant’s services, freeze his bank accounts, impose a travel ban, and investigate his real estate and movable assets. Additionally, the court seized the shares of a company fully owned by the defendant, including any profits or revenues generated by it.

Following the Enforcement Court’s completion of certain payment priority procedures in line with applicable regulations, Sinad began collecting some of the outstanding amounts.

As of Jan. 13, 2025, the company collected and deposited SAR 3.18 million into its accounts with the Enforcement Court. This brings the total cash collected to date to SAR 5.75 million, representing 2.85% of the total debt.

Through its appointed attorney, Sinad continues to follow up with the Enforcement Court and monitor actions regarding the measures outlined above.

Sinad reaffirmed its commitment to take necessary legal actions to safeguard its and shareholders’ rights. The company will disclose any significant developments in due course.

According to data available with Argaam, Sinad announced in April 2022 that the Court of Appeal upheld a previous judgment by the Major Claims Department of the Riyadh General Court to terminate the sale contract between the company and the defendant for land in north Riyadh. The judgment also obligated the seller to pay Sinad SAR 202 million.

In December 2019, the company filed a lawsuit against the land seller, seeking a refund of SAR 202 million.

Additionally, Sinad filed a lawsuit in the Riyadh General Court against the broker involved in the land purchase, demanding a refund of the SAR 5.24 million paid as a commission for the transaction.