​As part of the Capital Market Authority’s efforts to protect citizens and investors from unfair and unsound practices involving cheating, fraud and manipulation and as part of its efforts to ensure transparency and justice on securities business, CMA would like to inform the investors and participants in the Capital Market that – based on the High Order No. (4690) and dated 6/2/1435H and based on the Capital Market Law and its implementing regulations- a suspicion of a violation was referred to the  Bureau of Investigation and Public Prosecution as it falls under their jurisdiction.

It was suspected that two ex-members of Weqaya Takaful Insurance and Reinsurance Co.’s Board of directors violated Article (50) of the Capital Market Law and Article (6) of the Market Conduct Regulations.