The Jeddah Commercial Court issued a ruling giving a Saudi man his right of owning a 55 per cent stake of his gold and jewellery shop after his son’s denial of his rights, local media reported.
The father provided the court with all documents proving his rights and that the gold shop was established by him but was run by his estranged son.
The plaintiff filed a lawsuit pleading that the firm is owned by him as it was established with his money but was registered in the name of his son, who later denied his father’s stake and partnership.
The father told the court that he registered the gold firm under the name of his son because he was his only son at that time.
The father produced proof for his 90 per cent ownership of the gold shop as well as its properties and bank balances, claiming that he agreed that his son’s ownership of a 10 per cent stake in exchange for managing the shop.
The son fabricated documents that deprive his father of his rights and changed the percentage of his ownership to 65 per cent of the shop. Subsequently, the stake of his father and his inheritors was reduced to only 35 per cent.
