Weqaya board, committee members fined SAR 1.3 mln in CMA lawsuit

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Some members of Weqaya Takaful and Reinsurance Co.’s board of directors, audit and executive committees were convicted and fined SAR 1.3 million in the lawsuit filed by the Capital Market Authority (CMA).

Fines were imposed on Abdullah Al-Fuzan (SAR 200,000), Abdullah Alzunaitan (SAR 200,000), Fahad Alashqar (SAR 200,000), Ali Al-Suhaily (SAR 100,000), Omar Aldhouayan (SAR 200,000), Hussain Al'atal (SAR 200,000), and Khaled Alshami (SAR 200,000).

They were also banned from working in Saudi-listed companies for a period ranging between three and seven years.

CMA announced earlier this month that a decision was issued by ACRSD, convicting some of the company's board members and executives of manipulation, fraud and scam of the capital market rules. Total fines worth SAR 2.15 million were issued for those individuals, who were also banned working in Saudi-listed companies for a period ranging between five and seven years.

According to Argaam's available data, the CMA decided in May 2017 to delist Weqaya from Tadawul due the company’s inability to meet regulatory requirements and fulfil financial commitments.