A Saudi-based paper company has registered a liability lawsuit against its former board member and CEO, citing a string of administrative and financial violations.

Dammam-based Saudi Paper Manufacturing Company listed violations worth SAR 40.9 million ($10.9 million), saying Hassan Bin Mrizn Asiree had sold the company’s factory in Morocco without collecting the sale amount and without disclosing it, according to a statement filed to Tadawul. 

The case, filed at the Commercial Court, also said Asiree had participated in the responsibility to cancel a debt worth SAR 17.3 million, part of the value of the company’s land, without disclosing it to financial reports.

He is also alleged to have given large credit facilities to a small client and received illegal bonds as well as other financial and administrative violations.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

 imogen.lillywhite@refinitiv.com

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© ZAWYA 2021