“Securities Disputes” Issues An Urgent Decision On The Class Action Suit Against Officials Of “Mobily”

Al-Marsad Newspaper: The General Secretariat of the Committees for Resolution of Securities Disputes issued a supplementary announcement regarding the decision of the adjudicating committee to approve the class action lawsuit filed by an investor against a number of former officials of Etihad Etisalat “Mobily”.

Secretariat statement
The secretariat said: “In addition to the announcement of the General Secretariat of the Committees for Resolution of Securities Disputes on 04/21/1442 AH corresponding to 06/12/2020 AD on the issuance of the Resolution of the Resolution of Securities Disputes Committee No. 6 / L / D1 / C / 2020 AD for the year 1442 AH on the date of 9/4/1442 AH corresponding to 11/24/2020 AD, the judge approving the acceptance of the request for registering the class action suit submitted by one of the investors against some senior executives of Etihad Etisalat “Mobily”, against whom a final decision was issued by the Appeal Committee in Securities Disputes No. (1997) (/ LS / 2020) for the year 1442 AH and the date 01/14/1442 AH corresponding to 02/09/2020 AD, and announced on the website of the General Secretariat of the Committees for Resolution of Securities Disputes on 24 Safar 1442 AH, and against the former members of the Board of Directors of Etihad Etisalat “Mobily” , Issued against them a final decision by the Appeal Committee for Securities Disputes No. (1462 / LS 2018 for the year 1439 AH) dated 09/10/1439 AH corresponding to 05/25/2018 AD, and announced on the CMA website on 06/12/2018 AD, The Resolution of the Committee for the Resolution of Securities Disputes No. (7 / L / D / 1 / C / 2020 AD) for the year 1442 AH was issued in On 5/13/1442 AH corresponding to 12/28/2020 AD, the judge approves the class action suit referred to above filed by the presiding plaintiff, after the number of requests that share the legal foundations, the alleged facts and the subject matter of the requests have reached the statutory limit for issuing a decision to approve the Class Action Suit.

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Facilitate joining application procedures
The authority took the initiative to facilitate the procedures for requesting accession in the class action lawsuit referred to above, through an electronic link on the authority’s website, which makes it easier for those affected who meet the conditions to submit their requests without the need to personally come to the headquarters of the commission or the secretariat of the committees.

Myrtle Frost

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