CMA imposes SAR 1 mln fine on Thimar’s chairman, board members

The Capital Market Authority (CMA) imposed a fine of SAR 1 million on the chairman and board members of National Agricultural Marketing Co. (Thimar) during the period from Jan. 1, 2019 to May 13, 2020.

The penalty was imposed due to their violation of the Companies Law and the Corporate Governance Regulations, the market regulator said in a statement on Tuesday.

The board members and chairman failed to prepare and approve Thimar’s annual financial statements for fiscal year 2019 and Q1 2020.

Furthermore, the CMA added that a board resolution has been previously issued to file a lawsuit before the Committee for the Resolution of Securities Disputes against the chairman and each board member of Thimar during the period from Sept. 8, 2015 to March 3, 2020, to convict them of violating the Listing Rules and the Offer of Securities and Continuing Obligations.

The CMA moved the Committee to impose fines on each board member, and prevent them from working in listed companies, while compensating the persons who suffered damages as a result of the violations committed.