Imposition of a Fine on Al Sagr Cooperative Insurance Co.

Thursday, April 07, 2016 at 4:24 PM

2016-04-07 (1437-06-29) 16:24:52

The Capital Market Authority the issuance of a CMA Board resolution to impose a fine of SR 50,000 (Fifty Thousand Saudi Riyals) on Al Sagr 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 during the 2014 fiscal year. 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 during the 2014 fiscal year.