Saudi Indian Company for Cooperative Insurance’s (Wafa Insurance) shareholders recommended the termination of board member, Abdul Majeed Al Angari, on breach of duties in ways impacting the company’s interest.
The insurer said in a bourse statement today that the recommendation will be submitted to the next ordinary general assembly meeting (OGM) for approval.
The company indicated that it is subject to the financial restructuring process under the Saudi bankruptcy law.
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