Imposition of a Fine on The Company for Cooperative Insurance, due to the violation of the Companies Law:

Tuesday, December 12, 2017 at 3:15 PM

Tue Dec 12, 2017 15:15

The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (50,000) Fifty thousand Saudi Riyals on The Company for Cooperative Insurance due to its violation of paragraph (1) of Article (71) of the Companies Law. The Company has not obtained a prior license from the Ordinary General Assembly, renewable every year, regarding the signing of a medical insurance contract for the employees of Arabian Internet Services and Telecom Company (A Related Party), in which one member of its Board of  Directors have an interest in this contract.