Khaberni - The Jordanian Phosphate Company, managed by Mohammed Al-Dhneebat, lost a case worth tens of millions filed by a local bank against Al-Abyad Fertilizers and Chemicals Company and its guarantors regarding the direct facilities granted by the Jordanian Bank to Al-Abyad.
According to the bank, the final judgment in the lawsuit related to Al-Abyad Fertilizers and Chemicals obligated the defendants to jointly and severally pay approximately $15.2 million US dollars, in addition to about 802,000 Jordanian Dinars, along with the legal interests due from the date of the claim until full payment.
The judgment also included Khaberni additional amounts on a number of entities, notably:
Sea Field Trading Company and Al-Fares for Investment and Industry: about $4.4 million US dollars in addition to approximately 802,000 Jordanian Dinars.
Ziad Atta Ahmad Al-Manaseer: about $3 million US dollars in addition to nearly 802,000 Jordanian Dinars.
In other details related to the case, the bank mentioned previous financial judgments related to several companies Khaberni included.
Jordan Phosphate Mines Company: about 20.7 million Jordanian Dinars (approximately $23.2 million US dollars).
Arab Mining Company: about 2.093 million Dinars (approximately $1.825 million US dollars).
Bahrain Jafco: about 11.3 million Dinars (approximately $10.2 million US dollars).
Venture Capital Bank: about 3.8 million Dinars (approximately $3.4 million US dollars).
Sea Field Trading Company: about 1.3 million Dinars (approximately $1.2 million US dollars).
Al-Fares for Investment and Industry: about 744 thousand Dinars (approximately $666 thousand US dollars).
The bank confirmed that a precautionary seizure on the assets of the defendants has been established and that the judgment has become final, Khaberni where the bank intends to proceed with its execution to collect all its rights.
The bank confirmed that the Court of Cassation dismissed the appeals submitted by some parties as they were not based on a correct legal basis, thereby strengthening the bank's legal position.
The bank indicated that the total of these amounts reflects an expected improvement in asset quality, contributing to supporting its financial results during the upcoming period, with an emphasis that the final impact will be positive on profitability and financial position
