SIECO authorizes board to take procedures against former members

Saudi Industrial Export Co.’s (SIECO) shareholders have authorized the company’s board of directors or their representatives to complete procedures in the claim filed against former chairman and board, the company said in a bourse statement.

Shareholders also approved audited financial statements and audit report for fiscal year 2017, during the general meeting on May 24, the company said in a bourse statement.

They also approved the board report for the same period and discharged board members from liabilities during FY 2017.

All other items on the agenda were also approved, including appointing an external auditor, naming board members for vacant positions, and approving corporate governance regulations.

Last November, SIECO filed a lawsuit against former board members, executives for excesses referred to by the external auditor, Argaam previously reported.