Ex-CEO of Saudi insurer ordered to pay $41 million

The Riyadh Commercial Court has ordered a former chief executive of Saudi Arabia-based Mediterranean and Gulf Insurance and Reinsurance Co. to pay nearly 153 million Saudi Arabian rials ($41 million) to the insurer, Middle East Insurance Review reported. The insurer had sued the former CEO in November 2017 to recover funds that he had allegedly illegally obtained and to seek compensation for losses resulting from his actions. The insurer reported net losses of SAR 204.5 million in 2018 and SAR 388 million in 2017.

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