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The Capital Market Authority (CMA) announces the issuance of CMA Board resolutions regarding the former Board of Directors of the Saudi Indian Company for Cooperative Insurance for the Violation of the Companies Law and the Corporate Governance Regulations.

In line with the Capital Market Authority’s (CMA) role to protect investors, and based on its jurisdiction of monitoring and supervising listed companies in the capital market and ensuring the enforcement of the provisions of the Capital Market Law and the Companies Law, the CMA announces the issuance of a CMA Board resolution to impose a fines amounting to (500,000) Five Hundred Thousands Saudi Riyals on the former chairman and members of the Board of Directors of the Saudi Indian Company for Cooperative Insurance  during the period from 06/12/2018 to 18/01/2020, due to their violation of paragraph (r) of Article (213) of the Companies Law and paragraph (9) of Article (22) of the Corporate Governance Regulations. Where they did not prepare nor approve the Company's interim financial statements for the period ending on 30/09/2019.
The Capital Market Authority calls upon all the boards of directors of listed companies to adhere to all of the board’s statutory duties and responsibilities. The Capital Market Authority also assures its devotion to apply the Capital Market Law and the Companies Law and their Implementing Regulations to enhance the protection of the capital market and the investors from unfair practices.
 

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