Buruj Insurance bans CEO, CFO following SAMA’s letter

Buruj Cooperative Insurance Co. announced receiving a letter from the Saudi Arabian Monetary Authority (SAMA) informing the ban on chief executive officer (CEO), Samer Kanj, and chief financial officer (CFO), Samer Saad, from exercising their job duties as of Wednesday, Aug. 26, 2020.

SAMA’s decision came after reviewing the observations made during the inspection visit regarding a number of leadership practices in the company, the insurer said in a bourse statement.

The company’s board of directors emphasized that work is being carried as required and they are working to appoint qualified persons to fill those positions in accordance with the relevant regulations, which then will be disclosed in a timely manner.

In a separate statement, Buruj announced receiving another letter from SAMA stating the authority’s no-objection on appointing the head of nominations and remuneration committee, Ziad Al Bassam, and appointment of the head of audit committee, Adel Al Samom, is considered void.

The decision was based on the observations made by the authority during the inspection visit, the statement said, indicating the company’s board will form committees later in accordance with the related regulations.