CMA slaps Weqaya Takaful board members with fines

28/05/2018 Argaam

Saudi Arabia's market regulator, the Capital Market Authority (CMA), has imposed a fine of SAR 100,000 on Weqaya Takaful Insurance and Reinsurance’s board members; Ahmed bin Suliman Al Batah and Ali Al Suhaily each for violating market rules.

 

The CMA slapped Al Batah and Al Suhaily with a fine of SAR 8.44 million and SAR 1.13 million for illegal profits made by their investment portfolios due to these violations, the regulator said in a statement.

 

They will be also banned from trading equities on Tadawul for three years.

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