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.
Fund will be used to finance top infrastructure projects, boost connectivity across the nation
Updated 16 min 16 sec ago
ISMIRA LUTFIA TISNADIBRATA
March 24, 2021 19:01
JAKARTA: Indonesia on Wednesday welcomed the UAE’s commitment to invest $10 billion in its recently launched sovereign wealth fund, which a senior official said made the emirates the “largest major investor” in the initiative.
“With this investment, so far the UAE has become the largest major investor in the Indonesia Investment Authority (INA),” Husin Bagis, Indonesia’s ambassador to the UAE, told Arab News on Wednesday.
“The joining of the UAE further shows the high level of international confidence to invest in the INA and would attract other world investors to join and invest,” he added.