Riyadh – Mubasher: Rawasi Albina Investment Company recently stated that its Board of Directors approved to take the necessary legal and judicial actions against the former Chairman of the Board, Marzouq Mutaib Al Otaibi, according to a bourse filing.
The approval was based on the recommendation submitted by the Company’s Managing Director, Faisal bin Saad Al Baqmi.
Rawasi Albina elaborated that the legal action against Al Otaibi is in relation to the decision issued by him on 6 September 2026 concerning the release of real estate mortgages amounting to SAR 40 million and the cancellation of a promissory note amounting to SAR 25 million in favor of his brother, the former Managing Director and CEO, Mohsen Mutaib Al Otaibi.
Such guarantees had previously been obtained to secure the rights of the Company and its shareholders.
Rawasi Albina stated that it will also take legal action against any party proven to be responsible for any damages incurred by the company, following the completion of the legal review and supporting documentation.
The listed firm will appoint an independent and specialized professional firm to conduct a comprehensive financial review of the company’s previous operating and investment expenses and financial transactions, subject to verifying the firm’s independence and the absence of any conflict of interest.
