Imposition of a Fine on Al Alamiya for Cooperative Insurance Company due to the violation of the Companies Law
Monday, November 27, 2017 at 3:07 PM
Mon Nov 27, 2017 15:07
The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (S.R. 50,000) fifty thousand Saudi Riyals on Al Alamiya for Cooperative Insurance Company due to its violation of paragraph (1) of Article (71) of the Companies Law. as the Company failed to obtain a prior approval from the Ordinary General Assembly, "renewable every year", regarding the agreement with Riyad Bank (A Related Party) on 27/04/2017, to provide insurance coverage on the mortgage program of the Bank, in which two members of the company's Board of Directors have an interest in.