Amman Court requests executive seizure of MESC-Jordan funds

22/02/2021 Argaam

Middle East Specialized Cables Co. (MESC) said that a procedural request was issued by the Amman Court to convert the precautionary seizure into an executive seizure regarding the funds belonging to MESC-Jordan, amounting to SAR 11.91 million.

 

The President of the Court of Execution requested to transfer these funds to the account of the executive case, the company said in a bourse statement.

 

The amounts were recorded in MESC’s books, the company said, adding that there is no financial impact on its business results from this procedure.

 

In October 2019, MESC received a Jordanian court order on seizing the movable and immovable properties of MESC-Jordan, according to data compiled by Argaam.

 

The cable manufacturer said at the time that a sum of SAR 11.91 million was due from the commercial dealings with the Jordanian firm.

 

MESC holds 19.9% stake of MESC-Jordan.

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