Addendum Announcement from Osool & Bakheet Investment Company regarding the case filed against the tenant of Al Rabie GENX

Sunday, March 14, 2021 at 9:05 AM

Date of the previous announcement 

28/01/1442H corresponding to 16/09/2020G

URL of the Previous Announcement

Description of the Event  

Further to the announcement of Osool & Bakheet Investment Company published on 28/01/1442H corresponding to 16/09/2020G, concerning of evacuation Al-Rabie GENX asset that located on prince Mohammed bin Salman road-Riyadh.

Osool & Bakheet would like to clarify that the latest update related to the claim case against the “Gulf ELCON Company for Trading and Contracting” at General Court of Riyadh, where the judicial department issued a trial judgment obligate the tenant to pay SAR 4.250 Million worth (Four Million Two Hundred fifty Thousand Saudi Riyal) from the remaining rent on the defendant for one year and nine months period, as consequence the tenant has appealed the trial judgment then transmit the case to the Court of Appeal in Riyadh to initiate on it and contemplation the trial vision of the decision handed down by the judicial department based on the observations given by the Court of Appeal directed to judicial department. The judge had decided on Tuesday 25/07/1442H corresponding to 09/03/2021G it’s not appear to him what could impact on his previous trial judgment therefore he ordered retransmit the case to the Court of Appeal to proceed on it without any change on the previous trial. 

The Impact Caused by the Event    

The progress of the trial is still pending waiting the final judgment, therefore the resulting impact will be determined, because the judgment didn’t acquire deterministic character, The fund manager will announce any update regarding to this trial.