premargin

Element List	Explanation
Introduction	The aforementioned individual was contracted with the company, upon payment of an advance, to purchase and sell fish in coordination with the Saudi Fisheries Company, with the understanding that the profit margin would be calculated and transferred to the company. However, the individual failed to fulfill the agreed-upon commitments and did not complete the agreed-upon tasks. Consequently, the company requested a refund of the advance payment, but the company's demands were ignored. Therefore, legal action was taken to protect the rights of the company and its shareholders.
Lawsuit Opponent	Ocean Fish Company
Name of the Plaintiff	Saudi Fisheries Company
Type of the Lawsuit	Commercial
Name and Location of the Competent Judicial Authority	Primary Court of Muscat Governorate – Sultanate of Oman
Date of Submitting the Lawsuit	2025-12-28 Corresponding to 1447-07-08
Summery of the Lawsuit and its Reasons	The aforementioned individual was contracted with the company, upon payment of an advance, to purchase and sell fish in coordination with the Saudi Fisheries Company, with the understanding that the profit margin would be calculated and transferred to the company. However, the individual failed to fulfill the agreed-upon commitments and did not complete the agreed-upon tasks. Consequently, the company requested a refund of the advance payment, but the company's demands were ignored. Therefore, legal action was taken to protect the rights of the company and its shareholders.
Expected Financial Impact Including the Claimed Sums, Fees and any other Charges	A final judgment was issued on May 10, 2026, ordering the defendant (Ocean Fish Company) to pay the plaintiff (Saudi Fisheries Company) the sum of SAR 1,599,900, in addition to SAR 30,000 as compensation for damages resulting from withholding the funds and delaying payment, as well as SAR 3,000 for attorney's fees. We would like to clarify that if the aforementioned amounts are collected, they will be recorded as other revenues in the company's financial statements.
Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing	The lawsuit does not entail any material legal, regulatory, or operational consequences or risks for the company, as the judgment was issued in favor of the company (the plaintiff). However, the other party (the defendant) has the right to appeal within fifteen days of the date of the judgment. If an appeal is filed, the execution of the judgment may be delayed until the appeal is resolved. It should also be noted that the execution is taking place in a foreign jurisdiction (the Sultanate of Oman). Therefore, the collection of the awarded amounts is subject to the execution procedures in the Sultanate of Oman. There is no negative financial impact on the company in the event of non-collection, as the company has already made the appropriate accounting adjustment at the time by calculating a provision for expected credit loss.
Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit	The company has taken all necessary legal measures to protect its rights, including: 1) Appointing a specialized law firm in the Sultanate of Oman (Dr. Asaad Al-Hadhrami Law Firm – Muscat) to represent the company in the case. 2) Filing the commercial lawsuit before the competent judicial authority in the Sultanate of Oman. 3) Attending all court hearings until the final judgment was issued on May 10, 2026, in favor of the company. 4) Awaiting the expiration of the 15-day appeal period, which ended on May 25, 2026, in order to proceed with the enforcement of the judgment if no appeal is filed. The company bears no financial or legal responsibility as a result of this lawsuit, as it is the plaintiff and the party in whose favor the judgment was issued. The advance payment was treated according to the appropriate accounting treatment at the time (provision/expected credit loss), and the entry will be reversed upon actual collection, with the amounts being recorded as other revenue.
Additional Information	There is no

Saudi Fisheries Co. Announces a final ruling against Ocean Fish Company.