Al Jouf Cement shareholders approve filing lawsuit against 3 former board members

Logo of Al Jouf Cement Co.

Al Jouf Cement Co.'s shareholders approved filing a liability lawsuit against three former board members from the date of the company’s listing until July 31, 2022, who held direct and indirect executive powers in the company and its subsidiaries.

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The approval was given during the extraordinary general meeting (EGM) held on March 7, according to a Tadawul statement.

These board members were mentioned in the report of the external auditor, Abdullah Fahad Al- Sahli Certified Public Accountants (Daxin), regarding suspected financial and administrative manipulations, as outlined in the company’s announcement on Jan. 5, 2025.

Shareholders also approved authorizing the managing director and CEO to take all necessary regulatory and contractual measures to file the lawsuit before the competent authorities.

Further, shareholders greenlit closing the statutory reserve amounting to SAR 62.95 million as of Sept. 30, 2024, in the retained earnings account.