CMA slaps Alinma Tokio with SAR 50,000 fine for violations

03/05/2017 Argaam

Saudi Arabia’s Capital Market Authority (CMA) has imposed a SAR 50,000 fine on Alinma Tokio Marine Co. for violating regulations, the CMA said in statement to the Saudi bourse (Tadawul). 

 

The Saudi insurer failed to obtain the approval of its ordinary general meeting on an insurance agreement with Alinma Bank (a related party), inked on Aug. 28, 2016, in which several members of its board of directors have an indirect interest. 

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