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Rawasi Albina Investment Files Lawsuit Against Former CEO Over Mortgage Dispute

MT Newswires·09/22/2026 10:34:10
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10:34 AM EDT, 09/22/2026 (MT Newswires) -- Rawasi Albina Investment (SASE:9547) filed a lawsuit at the Riyadh General Court in Saudi Arabia against its former managing director and chief executive officer, Mohsen Mutaib Al-Otaibi, and co-defendant Abdullah Mohsen Al-Otaibi over a mortgage dispute. The company's board also approved taking legal action against former chairman Marzouq Mutaib Al-Otaibi over his release of 40 million Saudi riyals of real estate mortgages and cancellation of a 25 million-riyal promissory note to benefit his brother, the former CEO, according to separate Tuesday filings. Rawasi is seeking precautionary measures in court to prevent the disposal of real estate properties that had been mortgaged in favor of the infrastructure networks company while a review of the former CEO's term in office is ongoing. The company will also appoint an independent firm to conduct a comprehensive review of past operating and investment expenses and other financial transactions.