Further to the announcement of the General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) on 11/04/1443 H., corresponding to 16/11/2021 regarding the issuance of the CRSD's decision No. (10/L/D1/C/2021) for the year 1443 H. on 04/04/1443 H. corresponding to 09/11/2021, ruling to accept the request to register the class action lawsuit filed by an investor against some members of the Board of Directors and employees in Weqaya Takaful Insurance and Reinsurance Co., against whom the final decision of the Appeal Committee for Resolution of Securities Disputes (ACRSD) No. (2045/L.S/2020 of 1442 H.) dated 17/03/1442 H. corresponding to 03/11/2020, was issued, for intentionally participating in acts and practices that created a false and misleading impression regarding the security of Weqaya Takaful Insurance and Reinsurance Co., to create such an impression, through reducing the Company's losses and inflating its revenues and assets, hence showing untrue financial position of the Company in its financial statements during the financial period ending on 31/12/2013 as well as the financial period ending on 31/03/2014, previously mentioned in the same announcement.

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announced the issuance of the CRSD's decision No. (11/L/D1/C/2022 of 1443 H.) dated 13/07/1443 H. corresponding to 14/02/2022, to approve the class action lawsuit filed by the main claimant after the number of requests – which share the same lawful bases and claimed facts as well as having the same subject matter – reached the lawful number that allow issuing a decision to approve the class action.

It is worth mentioning that the CMA took the initiative to facilitate the procedures of requesting to join the said class action lawsuit. As the requests of joining the class action are completed, the CMA would like to indicate that any person who had not submitted his/her request to join this class action can submit an individual complaint through CMA website via this Link.

Details of the announcement can be found published on the website of the GS-CRSD, via the following link:

Announcement of the General Secretariat of CRSD ​

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