Thimar files complaint against former board, claims SAR 230 mln compensation

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. filed today, March 14, a complaint before the Capital Market Authority (CMA) against the former board of directors in its two previous terms from March 6, 2017, to July 4, 2021.

According to a statement on Tadawul, it included a claim for compensation of SAR 230 million and what resulted from litigation compensation.

Thimar appointed an accounting expert to study the observations and suspicions made by the company's board of directors in its two previous sessions, who, in turn, examined the company's accounting and financial records, reviewed the relevant documents and submitted the accounting report.

Thimar also appointed legal advisors to undertake the study of the case in form and substance and to file it based on the accountant's report, as per the shareholders’ request.

It confirmed that it will not hesitate to take all the necessary legal measures to preserve its interests and shareholders’ rights, noting that any developments in this regard will be announced in due course.

According to data compiled by Argaam, Thimar’s shareholders authorized the current board of directors to file a liability claim against former board members for the terms from March 6, 2017, to July 4, 2021, during the ordinary general meeting (OGM) held Oct. 17, 2022.