Amlak International says client files legal claim; seeks contract termination, SAR 430 mln compensation

20/01/2022 Argaam
Logo of Amlak International for Real Estate Finance Co.

Logo of Amlak International for Real Estate Finance Co.

Amlak International for Real Estate Finance Co. said in a bourse filing that a client filed a legal claim against the company on Dec. 20, 2021, demanding contract termination and indemnity.

 

The plaintiff company is a client of Amlak, which secured financing of SAR 80 million under an Istisna’a contract to build a residential tower.

 

The plaintiff claimed that Amlak breached the contractual obligations and requested to terminate the contract. It also claimed that Amlak is not entitled to the land ownership and filed for SAR 430 million in compensation, including SAR 113 million worth of losses it incurred, SAR 311 million in unrealized profit and SAR 5 million in attorney fees.

 

The legal claim has no relevant financial impact and any related developments will be duly revealed, the statement added.

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