Under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Cabinet approved, during the session held on Tuesday afternoon at Al Yamama Palace in Riyadh, amending a paragraph of one of the items of the mechanism of the Real Estate Contributions Committee by adding the phrase \u201cand may file lawsuits before judicial and quasi-judicial authorities of all degrees.\u201d<\/p>\n
The decision states: \u201dThe Committee shall take all legal and statutory measures, including those that contribute to preserving and restoring the rights of shareholders in the most appropriate ways, whether by selling the shareholding directly according to its current value, selling it through public auction, waiting for the approval of the shareholding plan, or continuing to carry out development work according to the status of each shareholding, and may file lawsuits before judicial and quasi-judicial authorities at all levels, as it deems necessary to achieve the interests of the shareholders.\u201d<\/p>\n
For his part, Mr. Hamza Al-Askar, Secretary General of the Committee for Struggling Real Estate Contributions, thanked the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and his Crown Prince, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz - may God protect them - for their keenness to support the committee's work on preserving the rights of shareholders and restoring them in the most appropriate ways.<\/p>\n
In an interview with Amlak newspaper, Al-Askar stressed that the Cabinet's approval in its session held today (Tuesday) on the possibility of the Committee for Struggling Real Estate Contributions to file lawsuits before judicial and quasi-judicial authorities at all levels will facilitate the procedures to enable investors in these contributions to obtain their rights as soon as possible, God willing.<\/p>\n
Al-Askar added that the committee is keen to enable shareholders in troubled real estate contributions to recover their rights, based on its right to take the necessary measures and carry out its duties in light of the decision of the Council of Ministers in this regard.<\/p>","protected":false},"excerpt":{"rendered":"
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