Wafa Insurance elects new board, disapproves audit reports for FY2018

Saudi Indian Company for Cooperative Insurance’s (Wafa Insurance) shareholders elected, during the general assembly meeting held on Jan. 17, the board members for the new 3-year term starting on January 19, 2020.

The new board includes Maged A. Al Suwaigh, Abdullah Al Kanhal, Haytham M. H. Youssef, Abdul Majeed Al Angari, Raad Nasser Saad Al Kahtani, Abdulrahman Al-Omaim and Ali Al Saleh‎‏, the insurer said in a bourse statement.

Meanwhile, shareholders disapproved audited financial statements and audit report for the fiscal year 2018.

They also disapproved the board report for the same period and refused discharging board members from liabilities during FY2018.

In addition, they disapproved the actions and decisions made by the board since the end of its term on December 18, 2019 until January 19, 2020.

Shareholders also refused the payment of the board’s annual remuneration for FY2018 at SAR 180,000 for the chairman and SAR 120,000 for members.

The company is now under financial restructuring in accordance with the Saudi Bankruptcy System, the statement added.

Earlier this month, the Riyadh commercial court approved the financial restructuring plan submitted by Wafa Insurance, as well as the list of the final claims for voting, according to data compiled by Argaam.

Shareholders will vote on the list on Feb. 24, while creditors will vote on Mar. 2, 2020.