Al Khodari begins investigation on projects' withdrawal

To carry out the investigation work against the responsibility of the previous board of directors and executive management

  
An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons Company (Al Khodari) has appointed a consultant firm to carry out the investigation work against the responsibility of the previous board of directors and executive management.

Last week, the company said that 10 previously-awarded government projects in different stages of work valued at SAR 994.05 million have been withdrawn.

Al Khodari explained that the projects were withdrawn during the tenure of the previous board and executive management and that the action was not announced at the time.

“This is part of the actions and measures taken by the current executive management to complete the work and measures regarding this issue,” the Tadawul-listed firm said in a bourse filing on Sunday.

Initial losses from the projects’ withdrawal are estimated at SAR 260 million.

Source: Mubasher

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