Apr 12 2010 |
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Albir wins case against SEDCO
JEDDAH - Albir Society, a charity organization, has won the stock investment case against its partner Saudi Economic and Development Company ( SEDCO ), it was announced at a press conference here Saturday.AlBir had filed a case against SEDCO for violating partnership contract by describing as loan an investment fund which the charity organization had given to it to purchase Yansab shares in 2005.
Albir had given SEDCO about SR8,000,000 as an investment to subscribe in Yansab Company. Thus 160,000 shares were bought in the name of SEDCO as an Albir partner.
But the charity organization was surprised when SEDCO issued a press release, saying that the money was considered a loan and not an investment.
"We are a charity organization. We look after the needy people, widows and orphans. Therefore, we cannot lend money to our partners as we collect them for the benefits of these people," Mazen Battarjee, chairman of board for Albir Society, told the press conference. He said that the contract with SEDCO mentioned that the money was an investment, and not a loan.
"We tried to settle the issue with SEDCO so many times. But all our efforts went in vain. As a result, we informed the Jeddah Social Affairs and took SEDCO to court," said Batterjee.
After 17 sessions, the court decided that the money was indeed an investment for Albir Society in Yansab Company, and not a loan to SEDCO .
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