Imposition of a Fine on Metlife, American International Group & Arab National Bank Cooperative Insurance Company due to the violation of the Companies Law

Wednesday, May 03, 2017 at 3:18 PM

Wed May 3, 2017 15:18

The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of )100,000) Hundred thousand Saudi Riyals on Metlife, American International Group & Arab National Bank Cooperative Insurance Company due to its two violation of paragraph (V) of Article (213) of the Companies Law. The Company has not obtained a prior license from the Ordinary General Assembly,"renewable every year", regarding the issuance of two insurance policies for the AlArabi Heavy Equipment Lease Co. (A Related party) on 12/02/2017, in which two members of its Board of Directors have an interest in these policies