CMA says SAR 2.15 mln fines imposed on Weqaya board members, executives

The Capital Market Authority (CMA) announced that a decision was issued by the Appeal Committee for the Resolution of Securities Disputes on Nov. 3, 2020, convicting some board members and executives of Weqaya Takaful Insurance and Reinsurance Co. of manipulation, fraud and scam of the capital market rules.

According to the ruling, those board members and executives intentionally participated in acts and practices that created a false and misleading impression regarding the company’s securities.

Among those practices was reducing the company's losses and maximizing its revenues and assets contrary to the actual financial statements for the fiscal period ending on Dec. 31, 2013 and the fiscal period ending on March 31, 2014.

Fines were imposed on the following: Abdullah Alzunaitan (SAR 200,000), Ali Al-Tamimi (SAR 120,000), Dawud Safarneh (SAR 30,000), Fahad Al-Ashqar (SAR 200,000), Ali Al-Suhaily (SAR 200,000), Ali Al-Ghamdi (SAR 200,000), Khaled Al-Suhali (SAR 200,000), Abdullah Al-Fuzan (SAR 200,000), Khaled Al-Aswad (SAR 200,000) and Omar Al-Dhouayan (SAR 200,000), Hussain Al-Atal (SAR 200,000) and Khaleel Alshami (SAR 200,000).

They were also banned from 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.