Imposition of a Fine on Allianz Saudi Fransi Cooperative Insurance Co. due to the violation of the Companies law

Monday, November 27, 2017 at 3:12 PM

Mon Nov 27, 2017 15:12

The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of (S.R. 10,000) Ten Thousand Saudi Riyals on Allianz Saudi Fransi Cooperative Insurance Co. due to its violation of Articles (101) and (224) of the Companies Law. As the company did not determine the rewards of the audit committee members by a resolution of the Ordinary General Assembly, during the specified period granted to the companies which ended on 21/04/2017.