SBG 2941/2015
Type
Case
Court
Saudi Arabia Board of Grievances
Jurisdiction
Saudi Arabia
Taxonomy
Share Schemes, Financial Services & Activities, Civil Courts, Jurisdiction & Choice of Law
Decision date
20 Apr 2015
Catchwords
Share - Trading - Court - Jurisdiction
This case involved shares which had been taken. A key issue was whether the court had jurisdiction.
Background
A claimant filed a case against a company before the court. He said that he owned shares and that the company took his shares. He requested the court to order the company to return them.
Decision
The court considered the documents of the case. The court said that Article 25 of the Law of the Financial Market stipulated that a committee should be set up in order to consider disputes related to share speculation in the financial market.
The court said that the consideration of the case did not fall under its jurisdiction.
The court of appeal upheld the ruling.