Sinad wins favorable ruling in land lawsuit; broker to pay SAR 5.24 mln

Logo of Sinad Holding Co.

Sinad Holding Co. said a preliminary judgment was issued in its favor on March 8, ordering the broker to pay Sinad a total amount of SAR 5.23 million in the lawsuit of northern Riyadh land.

In a statement to Tadawul, Sinad added that an appeal can be filed within the next 30 days starting from the next day of receiving the judgment deed based on the pleadings system.

There is no financial impact on the company, Sinad indicated, adding that it will announce any material developments in this regard later.

In December 2019, the company, formerly known as Aseer Trading, Tourism and Manufacturing Co., filed a lawsuit against the land seller, claiming refunds of the land price paid to him at SAR 202 million, Argaam earlier reported.