RIYADH: A court order in favor of Aseer Trading, Tourism & Manufacturing Company’s case against a land seller in Riyadh has become final and enforceable, following the expiry of the objection period, the company announced on Sunday.
The order was originally issued on Nov. 8, 2020, with the defendant given 30 days to file an appeal. Since no objection was submitted, the verdict has become final.
No financial impact is expected from the court decision, Aseer said in the statement, adding that any substantive developments will be announced in due course.
According to Argam, the court ordered the termination of the agreement signed in November 2008 by the plaintiff, Aseer Company and the defendant, the seller of a plot of land.
The defendant was ordered to pay SR202 million ($53.87 million) to Aseer, the price set for the land located in the Al-Khair District of Riyadh.
In December 2019, Aseer Company filed a lawsuit against the land seller, claiming refunds of the land price paid to him and retaining its right to claim any compensation for any damages or financial claims as a result of canceling of the land deed.
Another claim was also filed by the company to the General Court in Riyadh against the mediator for the land purchase, requesting a refund of the amount paid to him, which amounted to about SR5.24 million.
