Imposition of a Fine on Mouwasat Medical Services Co.

Thursday, April 07, 2016 at 4:23 PM

2016-04-07 (1437-06-29) 16:23:47

The Capital Market Authority the issuance of a CMA Board resolution to impose a fine of SR 40,000 (Forty Thousand Saudi Riyals) on Mouwasat Medical Services Co. due to its violation of paragraph (C) of Article (12) of the Corporate Governance Regulations. The company did not comply with the formation of the Board of Directors where the majority of the members shall be non-executive members. 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