Riyadh – Mubasher: Thimar Development Holding Company has unveiled a significant legal development regarding its liability lawsuit filed against several former members of its board of directors.
The Appeal Committee for the Resolution of Securities Conflicts (ACRSC), often referred to as the Appeal Committee for Resolution of Securities Disputes (ACRSD), issued a decision to dismiss the case, which sought to hold former officials accountable for actions taken during their tenure between 6 March 2017 and 4 July 2021.
According to a bourse filing to the Saudi Exchange (Tadawul), Thimar said it received the formal notification of the decision on 17 May 2026, which was officially dated 5 May 2026.
This latest judicial development follows a previous announcement made by Thimar on 25 November 2025, concerning the progression of the litigation and the prior involvement of CRSD.
This decision effectively halts the current legal proceedings that had been referred back to the lower committee for further consideration.
The Appeal Committee justified the dismissal by citing a failure to meet the necessary regulatory and evidentiary standards required for such a liability claim.
Moreover, the court noted that the lawsuit lacked the essential data and specific details required to proceed. Specifically, the filing did not adequately establish the individual basis for the claims against each of the defendants.
The committee further highlighted that Thimar failed to identify the specific errors committed by each individual defendant and did not sufficiently demonstrate how those specific actions resulted in direct harm to the company’s interests.
The ruling emphasized that the lawsuit did not clearly define the roles and capacities of the individuals involved, nor did it specify the exact claims pertaining to each party.
Despite the dismissal of the current case, the Appeal Committee’s decision clarifies that this ruling is without prejudice to Thimar Development Holding Company’s right to pursue future legal action.
The company maintains the right to file a new, independent lawsuit against the former board members to seek compensation for alleged damages, provided that such a filing adheres to all regulatory requirements and addresses the evidentiary deficiencies noted in the recent ruling.
Thimar stated that the dismissal of the lawsuit and the associated legal developments are expected to have no impact on the company’s current financial statements.
