Citing an interested source (one with a connection to IIG) Al Watan reports that Hassan Salim Hassan Al-Ammari has resigned from IIG's board due to the lack of co-operation from the Chairman/MD, Dr. Abdulaziz Bader Al Jena'ai. According to Al Watan's source, Hassan has been unsuccessfully asking for financial and other information for some nine months.
Hassan represents Al Baraka Investment and Development Co (which owns about 5.21% of IIG).
IIG has been suspended from trading on the KSE for failure to provide financials for both 1Q10 and 2Q10. The last financial it did supply was FYE09 which showed a loss of KD36.5 million versus a KD21.5 million loss the year earlier.
You can read more on IIG by using the tag International Investment Group for earlier posts.
Posts
2 comments:
If a 5% plus shareholder with Board representation cannot get financial information, it is a very obvious comment on corporate governance standards :-))
LC2
Welcome to Kuwait!
Post a Comment