Saudi Paper announces update on lawsuit filed against ex-CEO

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co. announced receiving a letter from its lawyer on the judicial ruling issued by the Commercial Court of Appeal in the Eastern Province in the lawsuit filed by the company against its former CEO Hassan bin Marizan Asiri.

The judgment stated that the case included several facts and irregularities attributed to the defendant, the company said in a bourse filing today, Aug. 19.

In addition, the ruling said that each of the violations is considered an independent lawsuit and some of them include lawsuits for accountability. Each violation is of its nature from the point of view of judicial investigation, considering the evidence, defense and judgment.

Accordingly, the chamber decided to cancel the ruling of the seventh commercial chamber of the Commercial Court in Dammam, which rejected the lawsuit filed by Saudi Paper against the defendant and ruled again that the lawsuit was not accepted for reasons indicated above.

The company will take the necessary legal measures in this regard, the statement noted.

However, it currently unable to determine the completion date of the process, as it depends on the time taken by the competent authority.

New developments of the issue will be informed in due course, the statement said.