Company announced Amlak International Real Estate Finance “Amlak”Today, Thursday, she announced a case brought once morest her by another client company of Amlak, demanding the termination of a contract and compensation for her before the Committee for the Resolution of Violations and Financing Disputes.
Amlak said in a statement on the Saudi Tadawul that the plaintiff company is a client of Amlak and was funded by the Istisna’a formula with an amount of 80 million riyals for the purpose of building a residential tower.
She added that the plaintiff company alleges that it was harmed because of the breach of “Amlak” company’s contractual obligations, as it claimed.
She explained that the plaintiff company requests the termination of the financing contract and the non-entitlement of Amlak’s ownership of the land (financing guarantee) and a judgment for compensation estimated at 430 million riyals, of which 113 million riyals are losses it claims, 311 million riyals are project profit losses, and 5 million riyals is a statement for attorney fees.
Amlak said that it does not see any serious risks because its legal position in this lawsuit is strong and sound, and there is no breach of Amlak’s contractual obligations, according to the company’s opinion and the opinion of the company’s external lawyer.
Amlak explained that it had responded to the plaintiff’s lawsuit with the Committee for the Adjudication of Violations and Financing Disputes.
