Nama Chemicals sues former CEO for violations, claims SAR 3 mln compensation

29/12/2020 Argaam

Nama Chemicals logo

Nama Chemicals Co. filed a lawsuit (responsibility claim) today, Dec. 29. 2020, at Dammam Commercial Court, against its former chief executive officer, Abdullah Bin Ouda Al Enazi, who was terminated on Aug. 25, 2019, the company said in a bourse filing.

 

The claim was filed due to administrative and financial violations, the company said, indicating that the claim amount is estimated at SAR 3 million.

 

According to the documents available, the company obtained legal advice, affirming its right to demand the former CEO to pay the value of the company’s claims.

 

Nama Chemicals does not expect to bear any responsibility due to filing the lawsuit.

 

The financial impact of the lawsuit can’t be determined at the meantime.

 

Any updates will be announced in a timely manner, the statement said.

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