Jeddah court restores jewelry firm’s 55% stake to citizen after son’s denial of partnership

Jeddah court restores jewelry firm’s 55% stake to citizen after son’s denial of partnership

Okaz/Saudi GazetteJEDDAH — The Commercial Court in Jeddah issued a verdict upholding 55 percent partnership of a Saudi citizen in a gold and jewelry firm, established by him but run by his estranged son.The court ruling came following the filing of a lawsuit by the citizen, pleading that the firm is owned by him as it was established with his money though registered in the name of his son, the defendant, who later denied the partnership altogether.The citizen claimed that the registration of the establishment was made under the name of his son because he was his only son at that time.The father produced proof for his 90 percent partnership in the establishment as well as in its properties and bank balances, claiming that he agreed for 10 percent of partnership for his son and that was in exchange for managing the firm.However, the defendant, through fraudulent means, established his ownership of 45 percent of the firm and its properties and bank balances on