‎Riyadh appeal court affirms termination of Wafa Insurance financial restructuring, opening of liquidation procedure

‎Riyadh appeal court affirms termination of Wafa Insurance financial restructuring, opening of liquidation procedure

The Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced the affirmation of the fifth circuit Riyadh court of appeal on the court order issued by the ninth circuit in the commercial court in Riyadh, on the termination of the company's financial restructuring procedure and opening liquidation procedure, 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 as stipulated under the KSA Bankruptcy Law and its implementing regulations.

The company announced last December the issuance of Riyadh Commercial Court’s decision, ending the company’s financial reorganization procedure and opening the liquidation process, 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 for specified periods.