“Saudi Cables” announces the latest developments to cancel the decision of the Secretary of the Financial Organization

The Saudi Cable Company announced the issuance of a ruling from the Fifth Appeal Department of the Commercial Court on March 5, not to accept the appeals submitted by some of the creditors listed in the previous list before the court’s elimination of it, and from the former financial organization, Walid Sobhi, and former CEO, Nael Fayez.
The company announced on Tadawul on June 9 to cancel the decision of the Secretary of Financial Organization, Walid Subhi, to deposit the financial reorganization proposal, which spent the court ruling as follows:
1. The decision of the Secretary of the Financial Organization, Walid bin Muhammad Subhi, regarding the deposit of the proposal to the financial reorganization of the court.
2. The court’s removal from its decision issued on 11/06/1445 AH corresponding to 05/05/2024 AD, and the end of its operative to accept the deposit of the proposal presented for the financial reorganization by the procedure secretary Walid Sobhi.
3. The company must prepare an alternative proposal within a period of 22 days from the date of the issuance of this decision (corresponding to 12/3/1445 AH – 06/09/2024 AD). Accordingly, the company will be considered the alternative proposed during the specified deadline and submit it to the esteemed circle.
The company said: The protesters submitted objections that included requests to veto the ruling of the bankruptcy department of the Fourth Commercial Court in Jeddah, the above.
She noted the submission of their objections during the month of June 2024 AD, and the objections were under 02/09/1446 AH corresponding to 08/13/2024 AD and transferred to the Fifth Appeals Department of the Commercial Court in Riyadh on 07/08/1446 AH corresponding to 06/06/2025 AD.
It reported the receipt of the referee’s instrument on 10/18/1446 AH corresponding to 04/16/2025 AD.