Riyadh – Mubasher: Saudi Industrial Export Company (SIEC) filed a lawsuit on 11 November against the firm’s previous board of directors due to excesses which were discovered by the external auditor.
SIEC started implementing legal procedures against the former auditor and previous executive management to maintain shareholders’ rights to claim their financial rights, according to a statement on Wednesday to the Saudi Stock Exchange (Tadawul).
The current auditor of SIEC recommended to book provisions for the excesses, which led to the previous board to book more than 75% of capital in 2014 and 2015.
By 10:45 am KSA time, SIEC’s stock rose 2.62% to reach SAR 16.44.
