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General Secretariat of CRSD Announces Issuance of CRSD Decision to Accept Request to Register the Class Action Filed by Investor against Some Board Members and Employees in Weqaya Takaful Insurance and Reinsurance Co.
The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the issuance of the CRSD’s decision No. (10/L/D1/C/2021 of 1443 H.) dated 04/04/1443 H. corresponding to 09/11/2021, to accept a request to register a class action lawsuit filed by an investor against some members of the Board of Directors and employees in Weqaya Takaful Insurance and Reinsurance Co., against whom the final decision of the Appeal Committee for Resolution of Securities Disputes (ACRSD) No. (2045/L.S/2020 of 1442 H.) dated 17/03/1442 H. corresponding to 03/11/2020, which was published on GS-CRSD’s website on 22/05/1442 H. corresponding to 06/01/2021, included their conviction of violating Article (49/a) of the Capital Market Law, by intentionally participating in acts and practices that created a false and misleading impression regarding the security of Weqaya Takaful Insurance and Reinsurance Co., to create such an impression, through reducing the Company’s losses and inflating its revenues and assets, hence showing untrue financial position of the Company in its financial statements during the financial period ending on 31/12/2013 as well as the financial period ending on 31/03/2014.

The claimant requested to register the class action lawsuit with the CRSD, and oblige the respondents to compensate him against the losses that resulted from the purchase transactions he made of the Company’s share as a result of such violations.

Furthermore, any person who purchased the Company’s share after announcing its annual financial results for the financial period ending on 31/12/2013, that included misleading and incorrect data on 07/04/2014, and kept that share until the Company’s share was suspended in the Saudi Exchange (Tadawul) at the end of the trading session of 04/06/2014, being the last date for trading the Company’s share prior to delisting it from the Saudi Exchange (Tadawul) on 29/05/2017, has the right to submit a request to the CRSD to join the said class action lawsuit within a period of (90) days from the date of this announcement, pursuant to Article (52) of the Resolution of Securities Disputes Proceedings Regulations.

The CRSD will study his/her request in accordance with lawful procedures, provided that the request is submitted through the CMA via the following link:

Request to Join Class Action Lawsuit

Latest Update : 16 November ,2021