MIS faces commercial case to pay SAR 65.5 mln compensation

Logo of Al Moammar Information Systems Co. 

Al Moammar Information Systems Co. (MIS) announced that a commercial case was filed against it by Ettesaq Ltd Co. before Riyadh Commercial Court, according to a bourse statement.

The plaintiff claimed compensation worth SAR 65.5 million, including 15% value-added tax (VAT) as well as the attorney fees of SAR 300,000.

The case was filed for the technical consulting services to the final beneficiary, as claimed by the plaintiff.

MIS said the initial agreement with the plaintiff was only SAR 367,000, with the option to exercise the service if the end-user authorizes it.

It added that the plaintiff claims compensation for works claimed to be implemented, adding that the case date is Oct. 22, 2021.

The financial impact as well as the legal consequences and risks of this case cannot be determined at this stage, and any relevant developments will be announced in due course, the IT solutions provider noted.

MIS will study the case according to the documents to be submitted by the plaintiff through the exchange of notes, and accordingly a competent attorney will be assigned.