Aramco revealed that a preliminary court ruling was issued in its favor. The rejection of a lawsuit filed by the heirs of Khaled Abu Al-Walid Al-Qarqni before a US court, during which they demanded the implementation of an alleged arbitration award of about $ 18 billion.
The company said in a statement on Tadawul that the judgment was issued last Tuesday, November 17th, and said that the ruling was in its favor and accordingly, it is not expected that there will be any financial impact on it.
She indicated that the subject matter of the dispute, the subject of the alleged arbitration decision, relates to the rent payments that the plaintiffs claim are entitled to as a result of Aramco’s use of a plot of land in the Ras Tanura area.
She indicated that the ruling issued is a first-instance judgment subject to appeal, indicating that in the event that the plaintiffs decide to appeal the judgment, she believes that her position is strong, which enhances the chances of the verdict being supported by the Court of Appeal.
She added that due to the issuance of a ruling in this case, it does not currently intend to take any measures in this regard, and will announce later on any substantive developments in this regard.
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