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Saudi Automotive Services Co. (SASCO) announces the issuance of a preliminary court ruling in its favor obliging the Ministry of Housing to pay an amount of 25,862,060 riyals
| Element List | Explanation |
|---|---|
| Introduction | Saudi Automotive Services Co. (SASCO) announces that it received, on 15 October 2023, a preliminary judicial ruling from the Fourth Circuit of the General Court in Riyadh obliging the Ministry of Housing (the defendant) to pay an amount of 25,862,060 riyals in compensation for the encroachment on the company’s land located on the Hafar Al-Batin/Riyadh road. |
| Lawsuit Opponent | Ministry of Housing |
| Name of the Plaintiff | Saudi Automotive Services Co. (SASCO) |
| Type of the Lawsuit | Financial issue |
| Name and Location of the Competent Judicial Authority | Fourth Circuit of the General Court in Riyadh |
| Date of Submitting the Lawsuit | 2021-04-26 Corresponding to 1442-09-14 |
| Summery of the Lawsuit and its Reasons | The company filed a lawsuit against the Ministry of Housing to demand compensation for the encroachment by deducting a portion of the company’s land amounting to (41,713 square meters). On February 25, 2019, the company obtained a final court ruling that was upheld by the Court of Appeal in the Riyadh Region, obligating the Ministry of Housing to pay an amount of 8,217,461 riyals as a fee, such as compensation for the infringement. |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | The financial impact cannot currently be determined until after the final ruling is issued, SASCO will announce later any developments in this regard. |
| 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 | The ruling issued is a preliminary ruling that can be appealed. |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | Not apply |
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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