Saudi builder MMG investors win $10m payout in Kingdom’s first class action
Saudi Arabia introduced a new class action regime in 2017 for claims by shareholders of listed companies in the Kingdom
Updated 39 min 36 sec ago
Arab News
June 01, 2021 09:18
RIYADH: Executives at Saudi builder Mohammad Al Mojil Group (MMG) and an auditor have been ordered to pay SR40.2 million ($10.7 million) to a group of shareholders in the Kingdom’s first investor class action.
It follows a ruling by the General Secretariat of Committees for Resolution of Securities Disputes in the case that involved the manipulation of financial statements to give a false impression of the company following its 2008 IPO and in the three years that followed.
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