Some members of Weqaya Takaful and Reinsurance Co.’s board of directors, audit and executive committees were convicted and fined SR1.3 million ($350,000) in the lawsuit filed by the Capital Market Authority (CMA).
The decision of the Appeal Committee for Resolution of Securities Disputes (ACRSD) was announced Jan. 13, 2021, by the General Secretariat of the Committees for Resolution of Securities Disputes.
According to the decision, those members were convicted of violating the corporate governance regulations, and the listing rules (applicable at that time), as they did not fulfill their duties and failed to verify the soundness of the financial and accounting systems deployed for the preparation of the company’s financial reports and financial statements in the fiscal year ended Dec. 31, 2013, and the interim period ended March 31, 2014.
Highlights
Manufacturers in the Middle East, Turkey, and Africa region are experiencing significant gains from their digital transformation (DX) projects.
Manufacturers in the Middle East, Turkey, and Africa region are experiencing significant gains from their digital transformation (DX) projects. Still, they could achieve far more if they improved the way they define, plan, and execute their DX projects, according to a new IDC info brief sponsored by Infor.
In the info brief, ‘Future of Manufacturing: Driving Transformation in the Age of Industry 4.0’, IDC revealed that 48% of manufacturers in the Middle East, Turkey, and Africa (META) realized cost efficiencies from their digital transformation initiatives, while 47% achieved productivity improvements, and 39% saw increased revenues.
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