SBG 2565/2016
Type
Case
Court
Saudi Arabia Board of Grievances
Jurisdiction
Saudi Arabia
Taxonomy
Share Schemes, Companies & Corporate Bodies
Decision date
3 Apr 2016
Catchwords
Shares - Sold - Free Shares - Profits - Company
This case involved whether an individual who had sold shares in a company was still entitled to free shares and profits.
Background
A claimant filed a case against a company before the court. He requested the court to order the company to pay him the remaining value of his profits of 750000 Riyals. He also requested the court to order the company to provide him with 250000 free shares.
The company said that the profits and the shares were paid to another person according to an agreement signed by the claimant. The claimant said that he sold his shares but not the profits and the free shares.
Decision
The court dismissed the case.
The claimant appealed the ruling before the court of appeal.
The court dismissed the appeal and upheld the appealed ruling.