Class action against Weqaya Takaful's board members, employees accepted

23/02/2022 Argaam

Logo of The General Secretariat of the Committees for Resolution of Securities Disputes

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced on Feb. 14, 2022, accepting the class action filed by an investor against some board members and employees of Weqaya Takaful Insurance and Reinsurance Co. after the number of claim forms requesting to join the class action reached the applicable statutory ceiling. 

 

The GS-CRSD indicated in a statement today that any person, who fail to join the class action, can file an individual legal claim via the Capital Market Authority’s (CMA) website.

 

In January 2021, some members of Weqaya Takaful’s board of directors, audit and executive committees were convicted and fined SAR 1.3 million in the lawsuit filed by the Capital Market Authority (CMA), Argaam reported.

 

According to Argaam's available data, the CMA decided in May 2017 to delist Weqaya from Tadawul due the company’s inability to meet regulatory requirements and fulfil financial commitments.

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