Imposition of a Fine on the Mediterranean and Gulf Cooperative Insurance and Reinsurance Co, (MEDGULF), due to the Violation of the Rules on the Offer of Securities and Continuing Obligations

Tuesday, December 25, 2018 at 3:57 PM

Tue Dec 25, 2018 15:57

The Capital Market Authority announces the issuance of a CMA Board resolution stating the following:
1.    Imposition of a fine of (20,000) Twenty Thousand Saudi Riyals on the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF), due to its violation of paragraph (A) of Article (62) of the Rules on the Offer of Securities and Continuing Obligations. As the Company has failed to inform the Authority and the public in a timely manner of the appointment of a financial advisor to manage the subscription in the priority shares. The appointment was made on 11/04/2018, and was not announced until 15/04/2018.
2.    Imposition of a fine of (20,000) Twenty Thousand Saudi Riyals on the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF), due to its violation of paragraph (5) of Article (63) of the Rules on the Offer of Securities and Continuing Obligations. As the Company failed to inform the Authority and the public in a timely manner of the appointment  of Abdulrahman bin Mohamed AlZwaidi as a CEO of the company. The appointment was made on 10/04/2018, and was not announced until 01/05/2018.
3.    Imposition of a fine of (20,000) Twenty Thousand Saudi Riyals on the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF), due to its violation of paragraph (19) of Article (63) of the Rules on the Offer of Securities and Continuing Obligations. As the Company failed to inform the Authority and the public in a timely manner of the results of the ordinary general assembly held on 24/06/2018. The results were later announced on 25/06/2018, after the market closed.