SIECO’s legal claim against board postponed to March 13

14/02/2018 Argaam

 

SIECO’s lawsuit against its former board chairman, board members, and executive management was adjourned to March 13, 2018, the company said in a statement to Saudi bourse, Tadawul.

 

Last November, the company filed a lawsuit against former board members, executives

for excesses referred to by the external auditor.

 

Based on a recommendation from its current external auditor, SIECO booked provisions for the excesses by former executives and former auditor which led to booking over 75 percent of total capital in years 2014 and 2015.

 

The company has also started procedures to take legal action against the former auditor and executives and maintains its shareholders’ rights to claim from the former board all financial rights resulting from those violations.

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