Thimar shareholders to vote on refiling lawsuits against former board on July 6

Thimar Development Holding Co. shareholders will meet July 6 to decide whether to authorize the board to refile liability lawsuits against former board members and executives.

The vote covers alleged violations from March 6, 2017 to July 3, 2021. The company, in a statement on Tadawul, said the move relates to breaches during that membership or employment period. Thimar added it will take all legal measures, including subsequent claims, and that the alleged violations may touch on the Saudi Companies Law, the Capital Market Law and its implementing regulations, or other applicable rules. The stated goal is to safeguard the rights of the company and shareholders.

Shareholders will also vote on a separate authorization – to file additional lawsuits over violations allegedly committed by former board members and executives from Jan. 22, 2014 to May 13, 2026. That second window extends well beyond the earlier period, covering both past conduct and a future date.

The meeting comes after a setback. In May, Thimar said the Committee for the Resolution of Securities Disputes overturned an earlier ruling and dismissed a liability claim against several former board members. The committee found the lawsuit failed to clearly establish the basis of claims against each defendant.

The new refiling effort suggests the board is preparing a more precisely framed case, aiming to avoid the procedural issues that sank the earlier attempt. It also signals the board intends to pursue accountability for governance failures over an extended timeline, with the second authorization stretching into the middle of next decade.