Al Jouf Cement shareholders to vote on suing 3 ex-board members on March 6

Logo of Al Jouf Cement Co.

Al Jouf Cement Co.’s extraordinary general meeting (EGM) on March 6 will vote on filing a lawsuit against three ex-board members for violations conducted within the period from the company’s listing date to July 31, 2022.

The three ex-board members were identified in a report by the external auditor on suspicion of financial and administrative frauds as they had direct and indirect executive powers in Al Jouf Cement and its subsidiaries, according to a statement to Tadawul today, Feb. 13.

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Other agenda items include deciding on authorizing Al Jouf Cement Managing Director and CEO, in the event that the EGM approves filing the lawsuit, to take all necessary regulatory and contractual measures to file the lawsuit before the competent authorities.

Shareholders will also vote on writing off the statutory reserve, amounting to SAR 92.95 million as of Sept. 30, 2024, in the retained earnings account.

According to data available with Argaam, in January, Al Jouf Cement said suspicious financial and administrative irregularities involving three former board members have been identified. It appointed a specialized auditor to examine previous financial transactions and contracts that may include violations or manipulations affecting its performance in past periods.