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Jeddah – Yasmine El Tohamy – Saudi insurance firm’s board members, audit executives convicted, fined by market regulator
Some members of Weqaya Takaful and Reinsurance Co.’s board of directors, audit and executive committees were convicted and fined SR1.3 million ($350,000) in the lawsuit filed by the Capital Market Authority (CMA).
The decision of the Appeal Committee for Resolution of Securities Disputes (ACRSD) was announced Jan. 13, 2021, by the General Secretariat of the Committees for Resolution of Securities Disputes.
According to the decision, those members were convicted of violating the corporate governance regulations, and the listing rules (applicable at that time), as they did not fulfill their duties and failed to verify the soundness of the financial and accounting systems deployed for the preparation of the company’s financial reports and financial statements in the fiscal year ended Dec. 31, 2013, and the interim period ended March 31, 2014.
Fines were imposed on Abdullah Al-Fuzan (SR200,000), Abdullah Alzunaitan (SR200,000), Fahad Alashqar (SR200,000), Ali Al-Suhaily (SR100,000), Omar Aldhouayan (SR200,000), Hussain Al’atal (SR200,000), and Khaled Alshami (SR200,000).
They were also banned from working in Saudi-listed companies for a period ranging between three and seven years.
CMA announced earlier this month that a decision was issued by ACRSD, convicting some of the company’s board members and executives of manipulation, fraud and scam of the capital market rules.
Total fines worth SR2.15 million were issued for those individuals, who were also banned working in Saudi-listed companies for a period ranging between five and seven years.
According to Argaam’s available data, the CMA decided in May 2017 to delist Weqaya from Tadawul due the company’s inability to meet regulatory requirements and fulfil financial commitments.
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