Chemanol Flags Governance Failures in Forensic Audit of Addar Chemicals, Global Co. for Chemical Industries Acquisitions

12:29 AM EST, 12/08/2025 (MT Newswires) -- Methanol Chemicals Company Co. (SASE:2001), d/b/a Chemanol, completed a forensic audit linked to its acquisitions of Addar Chemicals and the Global Co. for Chemical Industries and shared the findings with relevant authorities. The audit found conflicts of interest involving certain board members, subcommittees, and some former owners of the acquired companies. It also identified failure and negligence by board members in exercising the required diligence and fulfilling statutory duties in connection with the two acquisitions. Separately, the Saudi Arabia-listed methanol and derivatives producer said it is facing a lawsuit from former owners of Addar Chemicals, who are seeking 45.1 million Saudi riyals related to the payments they made as guarantors for Addar Chemicals' bank loans. Chemanol added that it appointed a specialized law firm to initiate statutory legal proceedings for the violations to protect shareholder interests. Chemanol denies the claims made in the lawsuit and has engaged a law firm to assist with the legal proceedings.