UCA’s board vice chairman resigns

United Cooperative Assurance Co. (UCA) announced in a bourse statement that its vice chairman of the board, Omar Makharsh, resigned from his position with effect from April 27, 2020.

Makharsh resigned citing irregularities that might damage the company and the board of directors’ refusal to address such issues, the statement added.

Meanwhile, the board of directors stated that it reviewed the observations from Makharsh and provided him with an opportunity to respond. However, the board vice chairman did not make any additional comments.

The board further said that it followed all regulations and applicable policies, and assigned an audit committee to review the issues highlighted in the resignation.

The audit committee did not find any irregularities and presented the findings to the board in the presence of Makharsh, who did not object to the report.