Saudi CMA fines 14 firms for violating disclosure rules

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), has imposed fines on 14 listed companies for various violations of disclosure rules.

Saudi Industrial Export Co. (SIECO) was fined SAR 10,000 for failure to disclose information about canceling an exclusive distribution agreement with Afia International Co.

Qassim Agriculture Co. was fined SAR 80,000 for failure to disclose information on the verdict from its lawsuit with Al-Bandariyah Group.

Middle East Specialized Cables Co (MESC) was fined SAR 40,000 for failure to disclose information about appointing chief executive officer Ayman Al-Masry on December 23.

Mouwasat Medical Services Co. also faces a SAR 40,000 penalty for failing to form a board with a majority of non-executive members.

Al Sagr Co-operative Insurance Co. was fined SAR 50,000 for not revealing details related to the restructuring of its audit committee. 

Amana Cooperative Insurance Co. was issued a SAR 70,000 fine for not announcing information on instructions from the kingdom’s Council of Cooperative Health Insurance (CCHI). 

Saudi Arabian Amiantit Co. was fined SAR 50,000 for failure to disclose its annual financial results two hours before the start of trading on January 20. Solidarity Saudi Takaful Co. was also fined SAR 60,000.

Bank Aljazira was fined SAR 40,000 as it failed to form a board with two independent members.

Saudi Telecom Co. (STC) was fined SAR 60,000 after the telco did not set a clear policy on bonuses for board members and top executives.

Saudi Ceramic Co., Al Alamiya for Cooperative Insurance Co., National Gas and Industrialization Co. (GASCO) and Allianz Saudi Fransi Cooperative Insurance Co. were also issued fines of SAR 40,000 each for similar violations.