​The Capital Market Authority announces the issuance of a CMA Board resolution to impose a fine of SR 40,000 ( Forty Thousand Saudi Riyals) on Baha Investment and Development Co. due to its violation of clause (A) of Article (45) of the Capital Market Law and clause (D) of Article (42) of the Listing Rules. The company failed to inform CMA or announce to the shareholders its initial financial statements for the period ending on 31/3/2013 during the (15) day period from the end of the fiscal period covered by those statements.
The company also violated clause (H) of Article (5) of the Instructions and Procedures Related to Listed Companies with Accumulated Losses reaching %50 or more of its capital. It was late to inform the public within the specified period about the financial statements prepared by the company's management for the month of October 2014. In addition, the company violated clause (D) of Article (10) of the Corporate Governance regulations.  It did not lay down specific and explicit policies, standards and procedures, for the membership of the Board of Directors and implement them after they have been approved by the General Assembly in a date no later than 03/06/2013.