SPIMACO announces legal measures for violations in subsidiary outside Saudi Arabia

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Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) announced that its board of directors discussed, in a meeting held on June 28, the latest developments on investigations in one of its associate company based outside Saudi Arabia.

The investigations focused on violations related to the work of the previous executive management.

The subsidiary company started to take the necessary legal measures to ensure the preservation of shareholders' rights, the firm said in a statement to Tadawul.

The subsidiary filed several lawsuits against the suspects in the competent courts, it added.

Any material developments will be announced in due course.

In March 2020, SPIMACO said it received a letter from an affiliate as regards suspected administrative violations committed by the previous executive management in addition to the internal audit committee's decision on holding related probes, Argaam reported.

In November 2020, the company said it received the final report issued by the designated international advisory office on violations related to the former executive management of the subsidiary.