SAMA urges Weqaya to complete earnings restatement procedures

02/08/2015 Argaam

The Saudi Arabian Monetary Agency, the kingdom’s central bank, has urged Weqaya Takaful Insurance & Reinsurance Co. (Weqaya) to complete all procedures and requirements related to the restatement of its earnings, in coordination with auditing firm PKF.

 

SAMA, which also regulates the country’s insurance sector, has set an August 23 deadline for Weqaya’s 2013 fiscal year earnings, the company said in a statement to Tadawul.

 

Submission for restated results covering Q1, Q2, and Q3 of 2014 are due on September 6.

 

The deadline for restated results for the full 2014 fiscal year, Q1-2015 and Q2-2015 has been set for October 1.

All documents must be audited and approved by a third party before submission.

 

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