A client company with Amlak International for Real Estate Finance filed a case against it, demanding the termination of a contract and compensation for it before the Committee for the Resolution of Violations and Financing Disputes.
According to Arabiya Net, Amlak stated in a statement that the plaintiff company is a client of Amlak Company and was funded by the Istisna'a formula with an amount of 80 million riyals for the purpose of building a residential tower.
She added that the plaintiff company alleges that it was harmed due to the alleged breach by Amlak of its contractual obligations.
She explained that the plaintiff company requests the termination of the financing contract and the non-entitlement of the ownership of the land company (financing guarantee) and a judgment for compensation estimated at 430 million riyals, of which 113 million riyals are losses it claims, 311 million riyals are missed project profits, and 5 million riyals are fees. Law Firm.
Amlak said that it does not see any serious risks because its legal position in this lawsuit is strong and sound, and there is no breach of Amlak's contractual obligations, according to the company's opinion and the opinion of the company's external lawyer.
Amlak stated that it had responded to the plaintiff's lawsuit with the Committee for the Adjudication of Violations and Financing Disputes.
