The Capital Market Authority (CMA) issued a resolution imposing SAR 500,000 fine on the former members and chairman of the board of directors of Saudi Indian Company for Cooperative Insurance (Wafa Insurance), according to the regulator's statement.
The fine was imposed on Wafa Insurance’s former board chairman and members during the period from Dec. 6, 2018 to Jan. 18, 2020, due to their violation of the Companies Law and the Corporate Governance Regulations.
They neither prepared nor approved the company's interim financial statements for the period ending on Sept. 30, 2019, CMA added.
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