Saudi Arabia’s market regulator issued 300,000 riyals ($80,000) in fines against five companies that were in breach of corporate disclosure regulations in the Arab world’s biggest economy.
Mediterranean & Gulf Insurance & Reinsurance Co. (MEDGULF), Riyad Bank (RIBL), Saudi Steel Pipe Co. (SSP) and Tabuk Cement (TACCO) were each fined 50,000 riyals for the violation of corporate governance regulations, the Capital Market Authority said in statements on the Saudi bourse website today. Saudi Indian Co. for Co- operative Insurance was fined 100,000 riyals, it said.
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