Imposition of a Fine on the Board of Directors of Abdullah A. M. Al-Khodari Sons Company due to the Violation of the Corporate Governance Regulations and the Companies Law
Wednesday, July 22, 2020 at 4:10 PM
Wed Jul 22, 2020 16:10
In line with the Capital Market Authority’s (CMA) responsibility toward protecting investors and based on its jurisdiction of monitoring and supervising listed companies in the capital market and ensuring the enforcement of the provisions of the Companies Law, the CMA announces the issuance of a CMA Board resolution to impose a fine of (100,000) One Hundred Thousand Saudi Riyals on each board member of Abdullah A. M. Al-Khodari Sons Company during the period from 31/03/2019 to 07/05/2020G., due to their violation of paragraphs (i) and (r) of Article (213) of the Companies Law and paragraph (9) of Article (22) of the Corporate Governance Regulations. Where they did not approve the Company’s annual financial statements for the period ending on 31/12/2018 G., which entailed a neglect in performing the duty of publishing the Company’s financial statements to date. The Capital Market Authority calls upon all the boards of directors of listed companies to adhere to all of the board’s statutory duties and responsibilities, which include the approval and publication of the financial statements for the companies listed on the Saudi Stock Exchange within the specified time periods.