MCI announced referring a number of the members of the Board of Directors of Mohammad Al Mojil Group Company (public company) to the Bureau of Investigation and Public Prosecution for taking the legal procedures against them. This is in accordance with the High Order No. (4690) dated 06/02/1435 AH, containing the transfer of competencies of the bodies and committees involved in investigation and prosecution in criminal offenses to the Bureau of Investigation and Public Prosecution.
The Ministry pointed out that due to the lack of response on MCI letters from the members of the Board of Directors of the said Co., and the suspicion of violations that took place in the Company regarding the Corporate Law, which led to losses that resulted in the deterioration of the value of the stock and stopping trading in the capital market, therefore the case has been referred to the Bureau of Investigation and Public Prosecution.
This comes under the plan drawn up by the Ministry to control the offending companies and to take the appropriate and legal procedures for the protection of investors 'money. This is in the context of the Ministry`s ongoing keenness to protect the shareholders and to preserve the consumers` rights, based on its supervisory and control responsibility on companies in the Kingdom.
MCI emphasizes the need for fair trade practices and the application of the standards and provisions of transparency and disclosure, the Ministry also would like to advise all members of the board of directors in the shareholding companies and the concerned officials not to contravene the provisions of the Corporate Law and to respond quickly to the Ministry`s requests, so as not to be subject to accountability and not to be subject of the penalties provided for in Article (229 ) of the Corporate Law.