Wafa Insurance is sued by Watad for SAR 26.2 million or 26 percent of its capital

Saudi Indian Company for Co-operative Insurance has been sued by its marketing partner Watad National Company for Insurance Agency for SAR 26.2 million, or about 26 percent of Wafa’s capital.

Wafa said yesterday that it had received an email from the secretarial general of dispute settlement and insurance violation stipulating that Watad sued the company for up to 5 percent of its capital over unpaid dues, according to Argaam.

Wafa has  SAR 100 million in capital spread over 10 million shares.