Announcement of Final Court Ruling in Favor of KEIR International for Compensation of SAR 5,000,000 Against Quadratics Development LLC
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement made by KEIR International on Tadawul dated 18/01/1444H (16/08/2022) regarding the signing of an agreement with Quadratics Development, Mr. Laerte De Pontes, the CEO of Quadratics, addressed KEIR International to announce the unilateral termination of the agreement. The Commercial Court in Riyadh ruled that KEIR International is entitled to the contractual compensation stipulated in the agreement. The court session was held in the presence of the parties, and it was ruled that the defendant, Quadratics Development LLC, registered under commercial registration number (9000006178), is obligated to pay KEIR International, a Saudi public joint-stock company, registered under commercial registration number (1010237357), the amount of SAR 5,000,000 (Five million Saudi Riyals). The ruling has become final due to the passage of time. |
| Lawsuit Opponent | Quadratics Development LLC |
| Name of the Plaintiff | Keir International |
| Type of the Lawsuit | Commercial Lawsuit |
| Name and Location of the Competent Judicial Authority | Commercial Court in Riyadh – Thirteenth Circuit |
| Date of Submitting the Lawsuit | 2024-10-20 Corresponding to 1446-04-17 |
| Summery of the Lawsuit and its Reasons | Keir International Company signed a Business Development Agreement with Quadratex Development LLC. Subsequently, Keir International received a letter from Mr. Lartey Deyount, the Chief Executive Officer of Quadratex Development, notifying the unilateral termination of the agreement.
Accordingly, Keir International filed a legal claim before the competent judicial authorities seeking contractual compensation due to the unlawful termination of the agreement by Quadratex Development LLC. |
| Expected Financial Impact Including the Claimed Sums, Fees and any other Charges | There is no negative financial impact on KEIR International. The company will continue to follow up on the enforcement of the court ruling with the competent authorities. |
| 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 | The termination of the agreement will not affect the company's operations in the construction and building sector, as KEIR International continues to execute its projects according to its approved strategic plans. The company is also progressing in expanding its business based on its vast experience and specialized professional capabilities. |
| Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit | None |
| Additional Information | None |
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