SCA 829/2019
This dispute involved the investment in shares. A key issue was the impact as the company stated it had not invested in Saudi Arabia and did not have a license to operate there.
Background
A claimant filed a case against a company before the court. He requested the court to order the company to pay him 24066.5 Riyals. He also requested the company to pay lawyer's expenses . He said that he paid amount of money to the company in order to invest in shares but the company had failed to commit to its obligations.
The company admitted the existence of the transaction between the two parties. The company said that the claimant's money was not invested in Saudi Arabia and it did not have a licence to operate in Saudi Arabia.
Decision
The court ruled that that the company should pay the claimant the amount.
The company appealed the ruling before the court of appeal.
The court dismissed the appeal and upheld the appealed ruling.