Former board took unclear accounting measures, caused operating losses: Thimar MD

Melfi Al-Marzouqi, CEO of Thimar Development Holding Co.

Melfi Al-Marzouqi, Managing Director of Thimar Development Holding Co., said that the accounting expert’s report showed that the former board of directors in its two previous terms took some unclear accounting measures, leading to operating as well as investment losses, in addition to the loss of some accounting documents.

More than 10 shareholders owning more than 5% of shares filed a lawsuit against the company’s former board of directors, Al-Marzouqi told Argaam in an interview.

He indicated that the company is set for a financial restructuring plan, which was approved by the related parties. The plan depends on increasing capital and investing in food and real estate sectors.

Al-Marzouqi also indicated that the debt will be repaid in line with the restructuring plan, following which the company will generate lucrative returns. This will also help the firm develop the fields where it operates.

Thimar 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.

It included a claim for compensation of SAR 230 million and what resulted from litigation compensation.

Trading resumed on the stock as of March 2, 2023, after the company disclosed all financial statements.