DB affairs.

Saudi conglomerate files lawsuit against Sudan TV over sale of majority stake

A statement issued by SMG recalled that BNC was founded in 2003 in partnership between Dallah al-Baraka (60%), Sudan TV (20%) and the Islamic Endowment Commission (20%).

SMG accused the Managing Director of Sudan TV Hatim Suleiman of dragging his feet in affecting the transfer of 54% of the shares from Dallah al-Baraka to SMG over “frail” excuses.

Suleiman argued according to the statement, that such a move requires notifying other partners in advance even though Dallah al-Baraka owner Saleh al-Kamil informed them of his intentions two years ago at a BOD meeting.

SMG stressed that the purpose of the advance notification is to give other partners the opportunity to offer to buy the shares which it said is not possible because of government policy to privatize companies it has a stake in and also because Sudan TV is facing financial difficulties.

It further said that Sudan TV has outstanding debt to Dallah al-Baraka that exceeds the value of shares sold to SMG.

“Sonan Media Group considers the resort of Dallah al-Baraka to the option of litigation as a consolidation of legal rights, and we have faith in the soundness of its position because it is based on legal evidence, documents and authentic credentials,” SMG said.

(ST)