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Company revealed Saudi Cables Today, it revealed evidence of suspected violations related to the work of some previous executive departments, after appointing a special committee to look into the practices of some of those departments.
The company said in a statement to Tadawul that, after conducting comprehensive internal investigations – which lasted for months – the company’s management found evidence of suspected violations related to the work of some previous executive departments, and the results of the investigations were submitted to qualified legal advisors.
The company announced that, based on Board of Directors Resolution No. 5 dated March 20, 2024, which directed that the results of the investigations be submitted to the Capital Market Authority and the competent authorities, the necessary measures will be taken in coordination with the Secretary of Financial Regulation.
The cables asked shareholders and relevant stakeholders to ensure that information related to the company is obtained from approved sources only, and to communicate with investor management.
The company will disclose any material developments whenever necessary in accordance with the requirements of the relevant laws and regulations of the Capital Market Authority, according to its statement.
It is noteworthy that the company’s shares returned to trading in the Saudi market today after being suspended since May 2022.
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