Further to the announcement of the General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) dated 28/09/1446 H., corresponding to 28/03/2025, indicating the issuance of the Committee for Resolution of Securities Disputes' (CRSD) two decisions No. (17/L/D1/C/2025) of 1446 H., dated 18/09/1446 H., corresponding to 18/03/2025 and No. (18/L/D1/C/2025) of 1446 H., dated 18/09/1446 H., corresponding to 18/03/2025, concluding the acceptance of the request to register two class actions filed by an investor against the CEO and some employees of Abdullah A. M. Al-Khodari Sons Company (The Company); being: Sohail Sa'eed Mohammed Sa'eed, Kailash Nath Sadangi, and Fawaz bin Abdullah bin Abdulmohsen Alkhodari, to claim compensation against damages inflected upon him as a result of committing the following violations:
- Inflating the revenues in the Company's financial statements during the financial period extending from the fiscal year ending on 31/12/2010 to the fiscal year ending on 31/12/2017, which were announced during the period from 16/02/2011 to 31/03/2018, showing the annual financial statements of the fiscal period under violation being untrue, hence creating a false and misleading impression regarding the value of the Company's security, which were proven later on that such financial statements are false based on the announcement of the Company prior to market opening on 13/02/2019, indicating that the Company endured accumulated losses reached (198.52%) of its capital.
- The responsibility of the CEO for the Company's announcement published on the website of the Saudi Exchange (Tadawul) on 05/06/2018 that included a false statement regarding a substantial event (Amending the Recommendation of the Company's Board of Directors for the Extraordinary General Assembly to Increase its Capital by Granting New Shares against the Liabilities of the Company), and dismissing the disclosure of cancelling the award of (10) projects and withdrawing them from the Company during the period of 30/05/2017 to 31/01/2020, in an attempt to affect the security's price or urge others to purchase the security.
The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) both final decision No. (4164/L.S/2026) of 1447 H., dated 02/09/1447 H., corresponding to 19/02/2026, and final decision No. (4165/L.S/2026) of 1447 H., dated 02/09/1447 H., corresponding to 19/02/2026, in the two class actions referred to above.
The decision No. (4164/L.S/2026) of 1447 H., dated 02/09/1447 H., corresponding to 19/02/2026, concluded with the following:
First: Oblige the First Respondent Sohail Sa'eed Mohammed Sa'eed, the Second Respondent Kailash Nath Sadangi, and the Third Respondent Fawaz bin Abdullah bin Abdulmohsen Alkhodari, severally and jointly, to pay the amount of (SR. 65,176,242.02) sixty-five million one hundred seventy-six thousand two hundred forty-two Saudi Riyals and two Halalas, to the Claimants according to each one entitlement.
Second: Oblige the respondents, severally and jointly, to pay the main Claimant the amount of (SR. 500,000) five hundred thousand Saudi Riyals as compensation for lawyer expenses.
The decision No. (4165/L.S/2026) of 1447 H., dated 02/09/1447 H., corresponding to 19/02/2026, concluded with the following:
First: Oblige the Respondent Fawaz bin Abdullah bin Abdulmohsen Alkhodari to compensate the Claimants with the amount of (SR. 19,891,312.03) nineteen million eight hundred ninety-one thousand three hundred twelve and three Halalas, according to each one entitlement.
Second: Oblige the Respondent to pay the main Claimant the amount of (SR. 500,000) five hundred thousand Saudi Riyals as compensation for lawyer expenses.
(To View the list of ID numbers of entitled persons, Click Here)