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Al-Qassim Investment Holding Company for announces the filing of a lawsuit against the Ministry of Environment, Water and Agriculture to claim the remaining developed area.
6020
GACO
0.00
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1445/12/24 30/06/2024 09:59:02
| Element List | Explanation |
|---|---|
| Introduction | Al Qassim Holding Investment Company announces the filing of a lawsuit against the Ministry of Environment, Water and Agriculture |
| Lawsuit Opponent | Ministry of Environment, Water and Agriculture in Riyadh Region. |
| Name of the Plaintiff | Al Qassim Holding Investment Company |
| Type of the Lawsuit | Administrative |
| Name and Location of the Competent Judicial Authority | Administrative Court in Riyadh |
| Date of Submitting the Lawsuit | 2024-06-27 Corresponding to 1445-12-21 |
| Summery of the Lawsuit and its Reasons | Whereas Qassim Holding Investment Company had previously received a report from the Committee for Reviewing Disputes Arising from the Distribution of Barren Lands regarding the company's grievance against the Ministry of Environment, Water and Agriculture branch regarding submitting to the Supreme Authority a request to grant the company ownership of the remaining area that it had revitalized. The decision included rejecting the company's request to grant ownership of the entire area. The company may also file a grievance before the Board of Grievances within sixty days from the date of notification of the decision. Accordingly, the company filed an administrative lawsuit against the Ministry of Environment, Water and Agriculture in the Riyadh region to demand the cancellation of the decision of the Committee for Reviewing Disputes Arising from the Application of the Provisions of the Barren Land Distribution System |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | To be announced later |
| Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing | To be announced later |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | The Company has retained an external Lawyer to provide legal advice and represent the Company in the lawsuit. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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