The Committee of Securities Disputes considers the lawsuit filed by the CMA against accounting firms and a listed Company

04/12/2014 Argaam

The Committee for the Resolution of Securities Disputes (CRSD) is currently considering the lawsuit filed by the Capital Market Authority (CMA) against some accounting firms and a listed Company whose shares have been suspended; according to Okaz Newspaper.

The lawsuit is represented in providing incorrect financial information which has misled the shareholders and resulted in material losses to them.

CRSD said that in case of convicting the company and the accountants; shareholders are entitled to sue accountants for damages due to losses incurred.

According to Argaam; The Saudi Capital Market Authority (CMA) warned Saudi listed companies, this week, about dealing with Deloitte & Touche Bakr Abulkhair & Co., Bakr Abulkhair and Nasser Al Din Mohamed Al Saqqa audit firms.

The CMA emphasized that the listed companies should stop dealing with these firms in matters involving audit work as of June 1st, 2015 in compliance with the decision of the Committee for the Resolution of Securities Disputes (CRSD).

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