Imposition of a Fine on Al Alamiya for Cooperative Insurance Co.

Thursday, April 07, 2016 at 4:32 PM

2016-04-07 (1437-06-29) 16:32:06

The Capital Market Authority the issuance of a CMA Board resolution to impose a fine of SR 40,000 (Forty Thousand Saudi Riyals) on Al Alamiya for Cooperative Insurance Co. due to its violation of CMA's circular number 4/1061 and dated 27/02/2011 for not informing CMA about the changes in on the Audit Committee's members on 30/09/2014. The company also violated paragraph (A) of Article (14) of the Corporate Governance Regulations as it failed to comply with the specified number of members in the Audit Committee as its members shall not be less than three non executive board members