Al Mojil board members quit after three others convicted

Five board members at Saudi-based contractor Mohammad Al Mojil Group (MMG) have quit after three people involved with the firm were given a jail sentence.

The board’s chairman Adel Al Mojil and vice chairman Mohamed Al Saud were among the members who submitted their resignation, which came into effect on Sunday.

The move was due to “difficulties they faced in moving forward towards the implementation of the restructuring plan,” MMG said in a statement to Tadawul.

The news comes after MMG’s founder Mohammad Al Mojil and his son were sentenced to five years in jail for misrepresenting the company’s value.

The Saudi Capital Market Authority’s Committee for the Resolution of Securities Disputes (CRSD) had also imposed a SAR 1.6 billion fine on the construction firm.