Wafa Submits Objections on terminating Financial Reorganization and opening liquidation

The Saudi Indian Company for Cooperative Insurance (“Wafa Insurance”)  announced that on 28/12/2021 some objections were submitted (including an objection from the Company’s chairman of the board of directors, on behalf of the board of directors) to appeal a commercial court ruling.

The ruling dated 11/05/1443 on case 4979 for the year 1440H regarding the termination of the Financial Reorganization Procedure and the opening the liquidation procedure for Wafa Insurance and 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.