Saudi Aramco announces the issuance of a court ruling in its favor rejecting the lawsuit of the heirs of Al-Qarqni

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Entrance printed with the Saudi Aramco logo

The Saudi Arabian Oil Company, “Aramco”, confirmed today, Sunday, the issuance of a preliminary court ruling in its favor, on November 17, to reject the lawsuit filed by the heirs of Al-Qarqni.

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Aramco indicated that the US Federal Court for the Southern District of Texas rejected the lawsuit filed by the heirs of Khalid Abu Al-Waleed Al-Houd Al-Qarqni regarding the plaintiffs’ claim to implement an alleged arbitration award in an amount of nearly $ 18 billion (57.3 billion riyals).

The company said that the heirs of Khaled Abu Al-Waleed Al-Houd Al-Qarqni, filed the lawsuit on June 1, 2018, explaining that “the subject matter of the dispute under the alleged arbitration decision relates to rent payments, which the plaintiffs claim are entitled to, as a result of Saudi Aramco’s use of a plot of land, in the Ras Tanura area. In the Kingdom of Saudi Arabia. ”

She pointed out that “the judgment was made in its favor,” and accordingly, “it is not expected that there will be any financial impact on Saudi Aramco.”

Aramco also stated that the ruling issued is a “primary judgment subject to appeal” before the Court of Appeal in the Fifth Federal Circuit, indicating that “in the event that the plaintiffs decide to appeal the judgment,” it considers its “strong position,” which enhances the chances of upholding the judgment from the appeal.

And she stressed that it “does not currently intend to take any measures in this regard,” and will announce later on any developments in this regard.

Source: “Previously”

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