Gulf Insider
Six board and audit committee members at Middle East Healthcare Company (Saudi German Health) have resigned with immediate effect, Gulf News can reveal. The revelation comes a day after Saudi Arabia’s market regulator announced final decisions convicting 11 individuals over financial statement manipulation at the company between 2018 and 2021. In a filing on Tadawul, Saudi German Health said the resignations were submitted on May 21, 2026, and took effect the same day. Those stepping down are: The resignations follow a final ruling by Saudi Arabia’s Capital Market Authority (CMA) and the Appeal Committee for the Resolution of Securities Disputes, which found 11 individuals guilty of violating the Capital Market Law and Market Conduct Regulations. According to the CMA, the violations related to the manipulation of Saudi German Health’s financial statements from 2018 to 2021, including the recognition of SAR 358 million in revenues despite what regulators said was a low likelihood of collection. The CMA said this created a “false and misleading impression” about the company’s book value and resulted in inaccurate financial statements during the affected period. The regulator imposed fines totalling around SAR 18 million on the 11 individuals, with several also banned from working in CMA-supervised […]
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