Saudi SABB Takaful fined for late disclosure
Wednesday, 01 29 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Capital Market Authority (CMA) has imposed a SAR 40,000 fine on SABB Takaful due to the company’s violation of paragraph (5) of Article (63) of the rules and regulations on the offer of securities and continuing obligations.
The penalty comes as SABB Takaful did not disclose the resignation of its board member Ian Keith Moore on the website of the Saudi Stock Exchange (Tadawul), which took place on 15 November 2019, until 21 November 2019.
Under market rules and regulations, listed companies must immediately and without delay disclose such events to the market authority and the general public.
It is worth noting that the Saudi British Bank (SABB) owns a 65% stake in the insurance firm.