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Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Group (Medgulf) on Sunday submitted a request to file a lawsuit against a former CEO of the firm.
MedGulf asked the former CEO to pay the money which was taken in a lawful way, and to compensate the firm for losses resulting from his violations, according to a statement to the Saudi Stock Exchange (Tadawul).
The lawsuit’s financial impact cannot be specified, Medgulf added, noting that the company will implement necessary procedures to recover its losses.
In October, the Saudi Arabian Monetary Authority (SAMA) warned MedGulf about the decline in its solvency margin.
The company's stock inched down 0.03%, closing at SAR 29.39 on Sunday.