Wafa Insurance says court affirms termination of financial restructuring, opening of liquidation procedure

Logo of Wafa Insurance

The Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced that the fifth appeal circuit of Riyadh Commercial Court affirmed the order issued by the ninth commercial circuit of the court on the termination of the company's financial restructuring procedure and opening liquidation, according to a bourse filing. 

The ruling also included the appointment of Waleed bin Mohamad Sobahi as trustee, according to the duties and powers of the trustee as stipulated under the Saudi Bankruptcy Law and its executive regulations. 

The insurer announced last December the issuance of Riyadh Commercial Court’s decision on terminating its financial reorganization procedure and opening the liquidation process, and then the company appealed the decision, according to data available with Argaam. 

The company's stock has been suspended since November 12, 2018, due to non-compliance with posting financial results during the specified periods.