RIYADH, Saudi Arabia, May 30, 2018 /PRNewswire/ --
The Jeddah Enforcement Court has ordered a Saudi gold mining company to pay over 10 million dollars (SAR 38 million) of financial dues to a Chinese mining company.
The execution writ was based on an arbitral award issued by an international Chinese arbitration committee. The enforcement is based on Article 12 of the Enforcement Law.
The Chinese company had filed a digital application to the Jeddah Enforcement Court for enforcing an arbitrator's judgment asserting its entitlement to a sum of 10,133,300 dollars (SAR 38,368.509). Subsequently the enforcement judge ordered the Saudi company to pay the amount within five working days as of notification date, or penalties stated in the Enforcement Law would be applied. Upon receipt of the enforcement notification, the Saudi company was quick to pay the dues.
Last week, Saudi Ministry of Justice has announced that Saudi courts restored 3.4 billion dollars after implementing foreign rulings, confirming its commitment to advancing the performance and ranking of the judiciary system to reach the global standards. It has signed a number of agreements to enforce foreign rulings concerning individuals or corporations.
SOURCE Saudi Ministry of Justice