Riyadh-Mubasher: Saudi Arabian Amiantit said on Monday Iraq’s Rasafa Federal Appeal Court has rejected the appeal of wholly-owned, Germany-based subsidiary PWT GmbH and confirmed the judgment issued on 3 January 2016.
PWT, which operates in building, managing and maintaining water desalination plants, plans to exercise a recourse to the higher level of appeal at the Supreme Court, the company said, adding that the procedures are expected to take four weeks.
The company decided to increase the provision covering this litigation in the consolidated accounts by SAR 28.4 million, bringing the related provision up from SAR 27 million to SAR 55.4 million.
Amiantit earlier forecasted its subsidiary to be handed a court ruling on 10 March in the claim raised against it by a subcontractor relating to a project in Iraq. However, the company added that it has not received any notification about the pronouncement so far.
