The CMA penalises seven executives and directors from Weqaya Takaful

The Capital Market Authority (CMA) has imposed a fine of 1.3 million SAR (346 210 USD) on seven of Weqaya Takaful and Reinsurance’s executives and members of the board of directors.

They are now prohibited to work in listed companies for three to seven years due to their violation of corporate governance regulations.

The defendants fell short of their obligation to audit the company’s accounting systems and financial statements for the year 2013 ended March 2014.

In May 2017, the CMA delisted Weqaya from the stock exchange due to the company’s inability to meet regulatory requirements and fulfil financial commitments.

Read also | SAMA suspends Weqaya Takaful's activities