Further to the announcement of the General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) on 22/07/1443 H. corresponding to 22/02/2022, regarding the issuance of the Committee for Resolution of Securities Disputes (CRSD) decision No. 11/L/D1/C/2022 for the year 1443 H. dated 13/07/1443 H. corresponding to 14/02/2022, to accept a request to register the class action lawsuit submitted by an investor (main claimant) against some members of the Board of Directors and employees in Weqaya Takaful Insurance and Reinsurance Co.; being: Abdullah bin Sa'ad bin Abdullah Alzunaitan, Ali Ezedin Abduladhim Altamimi, Dawud Yusef Ahmad Safarneh, Fahad bin Muhamad bin Abdulmohsen Alashqar, Ali bin Abdullah bin Ali Alsuhaily, Ali bin Saleh bin Hamed Alghamdi, Khaled bin Muhamad bin Hasan bin A'fair Alsuhali, Abdullah bin Muhamad bin Ibrahim Alfuzan, Khaled Fadhel Ahmad Alaswad, Omar bin Muhamad bin Omar Aldhouayan, Hussain Ali Muhamad Al'atal, and Khaleel Ibrahim Muhamad Alshami, responsible for the committed violations on the shares of 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, was issued, convicting them 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 main claimant requested to obligate the respondents jointly to compensate the claimants against the losses that resulted from purchase transactions they done on the Company's share due to such violations.
The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the issuance of the ACRSD's final decision No. (2851/L.S/2023 of 1444 H.) dated 06/09/1444 H. corresponding to 28/03/2023, concluding the following:
First: To endorse the decision of CRSD No (4222/L/D1/C/2023 of the year 1444H.) issued in the same case, that concluded as follows:
Oblige the first respondent: Abdullah bin Sa'ad bin Abdullah Alzunaitan, Saudi national, national ID No. (1011568415), the second respondent; Ali Ezedin Abduladhim Altamimi, Jordanian nationality, resident ID No. (2293802928), third respondent: Dawud Yusef Ahmad Safarneh, Jordanian nationality, resident ID No. (2297521029), passport No. (K565634), the forth respondent: Fahad bin Muhamad bin Abdulmohsen Alashqar, Saudi national, national ID No. (1001722238), the fifth respondent: Ali bin Abdullah bin Ali Alsuhaily, Saudi national, national ID No. (1025862028), the sixth respondent: Ali bin Saleh bin Hamed Alghamdi, Saudi national, national ID No. (1026838548), the seventh respondent: Khaled bin Muhamad bin Hasan bin A'fair Alsuhali, Saudi national, national ID No. (1033981133), the eighth respondent: Abdullah bin Muhamad bin Ibrahim Alfuzan, Saudi national, national ID No. (1051625935), the ninth respondent: Khaled Fadhel Ahmad Alaswad, Jordanian nationality, passport No. (N668270), the tenth respondent: Omar bin Muhamad bin Omar Aldhouayan, Saudi national, national ID No. (1001311669), the eleventh respondent: Hussain Ali Muhamad Al'atal, Kuwaiti national, ID No. (261101300083), and the twelfth respondent: Khaleel Ibrahim Muhamad Alshami, Kuwaiti national, ID No. (240030600501), jointly to pay the claimants; totaling (318) claimants, the amount of (SR. 19,532,809.48) nineteen million five hundred thirty-two thousand eight hundred nine Saudi Riyals and forty-eight Halalas, in accordance to the entitlement of each one as shown in Table No. (1) of the reasoning of the decision.
Second: Oblige the abovementioned respondents to jointly pay the main claimant the amount of (SR. 20,000) twenty thousand Saudi Riyals for lawsuit expenses.
Third: Reject other claims.
To view the list of ID numbers of entitled persons, clickhere
