RIYADH: The Saudi Capital Market Authority (CMA) announced that the Appeal Committee for the Resolution of Securities Disputes decided to convict some board members and executives of Weqaya Takaful Insurance and Reinsurance Co. of manipulation, fraud and scamming of capital market rules.
According to the ruling, those board members and executives intentionally participated in acts and practices that created a false and misleading impression of the company’s securities.
Among those practices were reducing the company’s losses and maximizing its revenues and assets contrary to the actual financial statements for the fiscal period ending Dec. 31, 2013, and the fiscal period ending March 31, 2014.
Fines were imposed on Abdullah Alzunaitan (SR200,000 — $53,333.40), Ali Al-Tamimi (SR120,000), Dawud Safarneh (SR30,000), Fahad Al-Ashqar (SR200,000), Ali Al-Suhaily (SR200,000), Ali Al-Ghamdi (SR200,000), Khaled Al-Suhali (SR200,000), Abdullah Al-Fuzan (SR200,000), Khaled Al-Aswad (SR200,000), Omar Al-Dhouayan (SR200,000), Hussain Al-Atal (SR200,000) and Khaleel Alshami (SR200,000).
They were also banned from working in Saudi-listed companies for between five and seven years.
According to Argaam data, the CMA decided in May 2017 to delist Weqaya from the Saudi Stock Exchange (Tadawul) due to the company’s inability to meet regulatory requirements and fulfil financial commitments.
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