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FinancialNews


  • 02-06-21

    Executives at Saudi builder MMG to pay USD10.7M to group of shareholders

    (MENAFN)Executives at Saudi builder Mohammad Al Mojil Group (MMG) and an auditor were urged to pay SR40.2 million (USD10.7 million) to a group of shareholders in the Kingdom’s first investor class action.

    It comes after a ruling by the General Secretariat of Committees for Resolution of Securities Disputes in the case that drawn in the manipulation of financial statements to show untrue facts about the company following its 2008 IPO and in the three years that followed.

    The mentioned action was indicated against Adel bin Mohammad bin Hamad Almojil, Fahad bin Ali bin Saad Alraqttan, Ibrahim bin Sa’ad bin Ibrahim Alshuai’r, Sek Choy Choong, Amaar bin Adnan bin Ibrahim Qudoomy, Deloitte & Touche Company and Baker bin Abdullah Abu-alkhai.

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