MedGulf obtains SAMA’s go-ahead to publish financials

The Mediterranean Gulf Insurance and Reinsurance Co. (MedGulf) said it received on Friday Saudi Arabian Monetary Authority’s (SAMA) “No Objection” letter to publish its financial statements, the insurer said in a statement on Tadawul.

SAMA’s no objection, however, doesn’t necessarily mean its acceptance of the contents of those financials, the authority said in its letter.

The letter also implied that the Saudi central bank will take necessary measures to verify accuracy of the accounting treatment applied by the company, the insurer’s statement said.

Earlier this month, the insurer received a letter from SAMA warning of legal procedures against the insurer if it did not rectify irregularities in its accounting or if it delayed disclosing financial statements, Argaam reported.