Date

:

03-06-2024

Please note that the Execution Administration at the Ministry of Justice has opened the execution file in the Case No. 2869 of 2022 Commercial Cassation/1 (disclosed on 3/7/2024) in which a ruling was issued by the Court of Cassation in favor of Aayan Gulf Company (Qatari) for the payment of KD 26.95 million KD by Al-Imtiaz Investment Group Company “the Company”. However, the Public Prosecution has implemented a precautionary seizure on the execution file according to the Attorney General’s decision (disclosed on 5/8/2024) No. 27/2024 to seize and freeze the funds of the defendants - including Aayan Gulf Company.

 

Accordingly, any amounts that will be collected and taken from Al-Imtiaz Investment Group Company in the implementation of the above cassation ruling will be deposited in the execution file and will not be delivered to Aayan Gulf Company due to the Public Prosecution’s seizure on the execution file.

 

We will take legal measures to cease the enforcement procedures being taken against the Company and to close the execution file. We will keep you informed of any new material information in this regard.

 

 

Significant effect of the material information on the financial position of the Company

 

The financial impact can only be determined after the execution of enforcement proceedings against the Company in the collection of funds and/or sale of assets.

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