Al-Marsad Newspaper: The General Secretariat of the Committees for the Resolution of Securities Disputes announced the issuance of the final decision of the Appeal Committee on Securities Disputes on August 8, 2022 in the class action lawsuit filed by an investor once morest a number of former officials of Etihad Etisalat Company “Mobily”.
According to a statement issued by the secretariat today, Wednesday, the operative part of the decision ended with the following:
First: Confirmation of the decision of the Committee for the Resolution of Securities Disputes No. (3831/L/D2/2022 AD for the year 1443 AH) issued in the same case, which includes the following pronunciation:
Obligating the first defendant, Badr bin Saleh bin Hamoud Al-Tarifi, a Saudi national, the second defendant, Muhammad Hefni Mahmoud Thabet, an Egyptian national – in absentia, the third defendant, Khalid bin Omar bin Mohsen Al-Kaf, an Emirati, and the fourth defendant, Thamer bin Mohammed bin Abdullah Al Hosani, Emirati, – in absentia – and the fifth defendant, Ahmed Hussein Ali Abdulnabi, Egyptian – in absentia, to jointly pay the plaintiffs an amount of 1.23 billion riyals, according to the entitlement of each of them – and their number is (1045) claimants – according to what It is explained in the appendix accompanying the Resolution of the Committee for the Resolution of Securities Disputes No. (3831/L/D2/2022 AD for the year 1443 AH) dated 10/21/1443 AH corresponding to 05/22/22 AD.
Second: Obligating the above-mentioned defendants to jointly pay the chief plaintiff an amount of (12,000) twelve thousand riyals, as compensation for attorney fees.
Third: All other requests were refused.