The Capital Market Authority announces the issuance of a CMA Board resolution to impose a penalty of SR 100,000 (One Hundred Thousand Saudi Riyals) on Saudi Indian Company for Co- operative Insurance (Wafa) due to it’s violation of sub-clause (12) of clause (B) of Article (27) of the Listing Rules and clause (A) of Article (9) of the Corporate Governance Regulations. The Board of Directors’ report, attached with the annual financial statements for the fiscal year ending on 31/12/2011, did not include a statement by the company that there are no loans on the company  and the provisions that were not applied from the Corporate Governance Regulations and the reasons behind that.