Riyadh – Mubasher: Saudi Arabia Refineries Company (SARCO) on Wednesday said it has filed a lawsuit against the management team of its subsidiary Arabian Sulfonates Company (ASCO) over major financial losses.
The lawsuit is filed against the company's chairman and CEO, which SARCO stated should bear the losses it has suffered due to their management, according to a filing on Tadawul.
The Saudi-listed company asked for financial compensation from ASCO's management.
In October, SARCO's board decided to file a lawsuit against ASCO's management, claiming that ASCO's unsatisfactory financials resulted in SARCO losing more than half its capital.
SARCO currently owns a 34% stake in ASCO.
