SCA 1525/2019
Type
Case
Court
Saudi Arabian Court of Appeal
Jurisdiction
Saudi Arabia
Taxonomy
Share Schemes
Decision date
25 Apr 2019
Catchwords
Company - Share - Purchase - Overpriced
This case involved shares which had been purchased but were claimed were overpriced.
Background
A company filed a case against a company before the court. The company requested the court to order the company to pay 1000000 Riyals. The company said that they bought shares from the second company but the shares were overpriced. The company said that the manager of the second company had disappeared.
Decision
The court ruled that the second company should pay the company the mentioned amount.
The court referred the case to the court of appeal in accordance with Article 185(4) of Saudi Arabia Cabinet Decision No. 11/1435 because the company had failed to appeal the ruling.
The court of appeal upheld the appealed ruling.