The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (2046/L.S/2020) of 1442 H., dated 19/03/1442 H., corresponding to 05/11/2020, in the case filed by the Capital Market Authority (CMA) against some members in the board of directors, audit committee, executive committee in Weqaya Takaful Insurance and Reinsurance Co., they are: Abdullah bin Muhamad bin Ibrahim Alfuzan, Abdullah bin Sa'ad bin Abdullah Alzunaitan, Fahad bin Muhamad bin Abdulmohsen Alashqar, Ali bin Abdullah bin Ali Alsuhaily, Omar bin Muhamad bin Omar Aldhouayan, Hussain bin Ali bin Muhamad Al'atal, and Khaleel bin Ibrahim bin Muhamad Alshami.
The decision concluded with the conviction of the abovementioned individuals for violating subparagraph (b\2) of Article (10) of the Corporate Governance Regulations, as well as Article (44) of the Listing Rules (enforced back then), as such individuals did not perform their lawful duties stipulated by law to achieve the interest of the Company. They did not verify the soundness of the financial and accounting systems related to the preparation of financial reports and the financial statements of the Company in the fiscal year ending on 31/12/2013, and the initial period ending on 31/03/2014.
The decision included the imposition of a number of sanctions upon them, according to the following:
First: Abdullah bin Muhamad bin Ibrahim Alfuzan:
- Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
- Banning him from working in companies listed in the Saudi Exchange for a period of five years.
Second: Abdullah bin Sa'ad bin Abdullah Alzunaitan:
- Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
- Banning him from working in companies listed in the Saudi Exchange for a period of five years.
Third: Fahad bin Muhamad bin Abdulmohsen Alashqar:
- Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
- Banning him from working in companies listed in the Saudi Exchange for a period of five years.
Forth: Ali bin Abdullah bin Ali Alsuhaily:
- Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
- Banning him from working in companies listed in the Saudi Exchange for a period of five years.
Fifth: Omar bin Muhamad bin Omar Aldhouayan:
- Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
- Banning him from working in companies listed in the Saudi Exchange for a period of three years.
Sixth: Hussain bin Ali bin Muhamad Al'atal:
- Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
- Banning him from working in companies listed in the Saudi Exchange for a period of five years.
Seventh: Khaleel bin Ibrahim bin Muhamad Alshami:
- Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
- Banning him from working in companies listed in the Saudi Exchange for a period of three years.
