Tihama Advertising and Public Relations : إعلان شركة تهامة للإعلان و العلاقات العامة و التسويق عن صدور حكم من محاكم دبي ال
November 16, 2021 at 03:20 pm EST
Share
A4070 TAPRCO0.5 (1.43 %) 1443/04/11 Tue Nov 16, 2021 15:38:45
Tihama Advertising, Public Relations and Marketing Company announces the issuance of a Verdict by the Dubai Courts of First Instance in favor of the company against Mr. Nasser bin Saleh Al Sarami and Kanaen General Trading Company
Share this: Facebook TwitterLinkedIn
Element List
Explanation
Introduction
Tihama Advertising, Public Relations and Marketing Company announces the issuance of a preliminary ruling from the Dubai Courts of First Instance in Dubai on 11-04-1443 H corresponding to 11-16-2021 AD to obligate Mr. Nasser bin Saleh Al Sarami to pay the Tihama Advertising, Public Relations and Marketing Company an amount AED 3,825,733 in addition to the legal interest of 5% from the date of the judicial claim until payment is completed, and obligating the Kanaen General Trading Company to pay the Tihama Advertising, Public Relations and Marketing Company an amount of AED 1,217,925 in addition to the legal interest at the rate of 5% from the date Judicial claim until full payment, and obligated each defendant to pay his application fees and five hundred UAE dirhams in return for attorney fees.
Lawsuit Opponent
Mr. Nasser bin Saleh Al Sarami
Kanaen General Trading Company
Name of the Plaintiff
Tihama Advertising, Public Relations and Marketing Company
Type of the Lawsuit
Commercial case before Dubai Courts
Name and Location of the Competent Judicial Authority
Dubai Courts of First Instance in Dubai
Date of Submitting the Lawsuit
2021-05-04 Corresponding to 1442-09-22
Summery of the Lawsuit and its Reasons
Tihama Advertising and Public Relations Company filed a lawsuit against Mr. Nasser bin Saleh Al Sarami for compensation for the damages he caused while managing Tihama Global Company in Dubai (an associate company) in his capacity as General Manager and Board Member of Tihama Global.
The lawsuit also included a claim by Kanaen General Trading Company to pay Tihama Advertising, Public Relations and Marketing Company an amount of 1,217,925 UAE dirhams, which it committed to pay to finance the operational activity of Tihama Global Free Zone Company according to the contract signed between the two parties
Expected Financial Impact Including the Claimed Sums, Fees and any other Charges
In the event that the judgment is finally confirmed in favor of Tihama Advertising, Public Relations and Marketing, the impact will be positive on the company, as the company previously recorded its share of those losses in the previous financial years.
Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing
There are no Substantial Legal, Regulatory, or Operational risks as a direct effect that may Result from the Lawsuit.
Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit
The Company based on documents available with it has obtained legal advice, and filed a lawsuit, and there is no responsibility that the company may bear because of the lawsuit.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Attachments
Original Link
Original Document
Permalink
Disclaimer
Tihama Advertising & Public Relations & Marketing Holding SJSC published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 19:36:02 UTC.
Tihama Advertising and Public Relations and Marketing Holding SJSC (Tihama) is a Saudi Arabia-based company engaged in the provision of advertising, public relations, marketing, publishing, media services, communications, bookstores and video services. The Companyâs operations include media relations, which cover publishing of newspapers, articles and press conference, among others; Corporate Communications include newsletters, journals, brochures and annual reports; Conferences and seminars include strategic preparations, organizing exhibitions and events , and other activities, such as exhibition and event management, corporate relations and program coordination, among others. The Company operates through its headquarters in Jeddah, branches, and subsidiaries in Saudi Arabia and its offices and representatives in abroad.