Al Mojil Group receives SAR 1.6 mln in damages from Protiviti

The family of Mohammad Al Mojil Group (MMG) said on Thursday it has received a SAR 1.6 million compensation from Protiviti for legal fees paid by the group in its claim against the financial consultancy firm at Dubai International Financial Centre (DIFC).

The charges filed against MMG by the Saudi market regulator, the Capital Market Authority (CMA), are baseless, in light of the inaccurate findings reached by Protiviti, Al Mojil’s family said in a statement seen by Argaam.

In its lawsuit against Protiviti, the group claimed that the consultancy’s report included many major mistakes, arbitrary, and baseless charges.

DIFC recently issued a ruling allowing Al Mojil family to review the Protiviti report, on which the CMA based its allegations against MMG founder Mohammad Al-Mojil, his son Adel Al-Mojil, and others over the company’s operations from 2005 to 2012.  

The CMA said today the appeals panel has upheld a decision of the Committee for the Resolution of Securities Disputes (CRSD) to sentence Mohammad Al Mojil Group founder, Mohammed Bin Hamad Al-Mojil, and his son Adel Al-Mojil to five years in prison for irregularities related to the company’s initial public offering (IPO).