المملكة: They were fined 18 million riyals. Members of the board of directors were convicted "Saudi German Health"
Announced Saudi German Health), for violating the financial market system and its executive regulations, by manipulating the company’s financial statements during the period between 2018 and 2021.
The authority explained, in a statement issued today, Thursday, that the violations included inflating the company’s revenues and creating a misleading impression regarding its book value, by recognizing undue revenues amounting to about 358 million riyals, despite the board of directors and the audit committee’s knowledge of the weak possibility of
The authority added that this led to the inclusion of incorrect information in the financial statements extending from the fiscal year ending on December 31, 2018 until the initial financial period ending on September 30, 2021, which affected the company’s assets and made its financial statements appear false.
The committee imposed financial fines totaling about 18 million riyals.
The decision also included preventing a number of convicts from working in entities subject to the supervision of the Capital Market Authority for a period of one year, while others were banned for a period of six months.
Coordination with the relevant authorities
The Authority confirmed that the decision came as a result of coordination with the relevant authorities, and in light of the general criminal case filed by the Public Prosecution and referred by the Authority in March 2024.
The Capital Market Authority stressed its continued monitoring of violating behavior and taking legal measures against perpetrators, in a way that enhances investor protection and raises the level of integrity and transparency in the Saudi financial market.
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