Weqaya Takaful says its unable to publish 2014 financials

25/02/2015 Argaam
Weqaya Takaful Insurance said on Wednesday that it is unable to publish its financial results for the 2014 fiscal year.
 
Saudi RSM, Weqaya’s auditor, recently terminated its agreement with the insurer. The company said this will delay its financial disclosures, according to its statement to Tadawul, Saudi Arabia’s bourse. 
 
Saudi RSM terminated its deal to audit Weqaya’s financials after the company refused to increase its pay to SAR 1.3 million from the agreed upon SAR 200,000.
 
The auditor had recently been appointed after Weqaya's general assembly accepted its offer in January.
 
Weqaya said it will hold an assembly meeting to discuss the issue.

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