Browse
related articles
Saudi authority fines SCC chair, board members
- Saudi Arabia: Thursday, October 22 - 2009 at 11:22
The Saudi Capital Market Authority (CMA) has fined the chairman and six board members of Saudi Chemical Co. (SCC) SR50,000 ($13,330) each, for allegedly approving an acquisition in which the chairman had a vested interest but failed to consult shareholders, Arab News has reported. '[The fine] is because they have accepted a deal for their subsidiary to buy 15% of the shares in Mawarid, although the chairman of the [SCC's] board had an interest in the transaction, without authorization from the general assembly,' CMA said.
Also consider reading:
Today's top stories
Week's top stories
Browse
related articles
Disclaimer:
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / Emap Limited and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / Emap Limited can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / Emap Limited.
In no event shall AME Info FZ LLC / Emap Limited be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
Staff
