BUSINESS

Appeals court affirms termination of Wafa Insurance's financial restructuring

May 24, 2022
The General Court in Riyadh.
The General Court in Riyadh.

RIYADH — The Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced that the fifth appeal circuit of Riyadh Commercial Court affirmed the order issued by the ninth commercial circuit of the court on the termination of the company's financial restructuring procedure and opening liquidation, according to a bourse filing.

The ruling also included the appointment of Waleed bin Mohamad Sobahi as trustee, according to the duties and powers of the trustee stipulated under the Saudi Bankruptcy Law and its executive regulations.

The insurer announced last December the issuance of Riyadh Commercial Court’s decision on terminating its financial reorganization procedure and opening the liquidation process, but the company then appealed the decision, according to data available with Argaam.

The company's stock has been suspended since November 12, 2018, due to non-compliance with posting financial results during the specified intervals. — SG


May 24, 2022
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