In the latest chapter of a long-running legal saga, Salam International has announced it’s planning to sue the Qatar Financial Markets Authority (QFMA) over what it describes as “unjustified and prolonged” suspension of sales of its shares on the Qatar Stock Exchange.
Salam – which owns construction, luxury retail, media and energy-related companies – said that the suspension, which has been in place since March, “is causing serious damage to the company and the shareholders.”
It’s the third time that sales of the company’s shares have been suspended by the QFMA.
The row dates back to the merger of some of Salam’s subsidiaries in 2002 and 2005, which a court in Qatar ruled as illegal.
Salam has been locked in legal processes ever since. This latest twist follows a decision by the Court of Cassation to stop the implementation of the original ruling, following an appeal from Salam.
Salam says it plans to sue because the QFMA has continued the suspension of share sales, despite the new ruling:
“Trading of the company’s shares has been stopped for the third time, since February 2, 2013, following instructions of the Qatar Financial Markets Authority, even after the authority was informed about the cancelled ruling. The trading was suspended without giving any reason for the third-time stopping,” the company’s board of directors said in a statement.
Credit: Photo by Sam Agnew