Al Jouf Cement shareholders to vote on filing lawsuit against 3 ex-board members on March 6
The three ex-board members were identified in a report by the external auditor, Abdullah Fahad Al-Sahli Certified Public Accountants (Daksin), on suspicion of financial and administrative frauds, according to a statement to Tadawul today, Feb. 13.
Other agenda items include deciding on authorizing Al Jouf Cement Managing Director and CEO, in the event that the EGM approves filing the lawsuit, to take all necessary regulatory and contractual measures to file the lawsuit before the competent authorities.
Shareholders will also vote on writing off the statutory reserve, amounting to SAR 92.95 million as of Sept. 30, 2024, in the retained earnings account.
According to data available with Argaam, in January, Al Jouf Cement said suspicious financial and administrative irregularities involving three former board members have been identified. It appointed a specialized auditor to examine previous financial transactions and contracts that may include violations or manipulations affecting its performance in past periods.
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