Jeddah court to hear SIDC lawsuit on Mar. 26

14/03/2019 Argaam

Saudi Industrial Development Co.’s (SIDC) lawsuit against its former partner, Juhaina Trading, Industry and Contracting Co. will be heard on Tuesday, Mar. 26 by Jeddah’s commercial court, the company said in a bourse statement on Thursday.

 

No financial impact is expected, as collected funds should have been included immediately in the company’s financial statements, SIDC added, noting that no funds have been collected year to date.

 

The related developments will be disclosed later on, the statement added.

 

In July, 2018, SIDC received a final court ruling in its favor from Jeddah’s commercial court, in the lawsuit filed against Juhaina Trading, Argaam reported.

 

Juhaina was ordered by the court to pay SIDC total dues of SAR 15.19 million.

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