The Securities and Commodities Authority (SCA) made a decision to put together a fact-finding and inspection commission that includes a think tank specialized in financial, technical, and forensic auditing. The commission will conduct audits on Drake & Scull and will examine its files to identify reasons for its troubled financial situation and accumulated losses. It will then submit a report of the examination results to the SCA board to take any action deemed necessary.
Among the commission’s tasks will be to examine Drake & Scull’s operations and the decisions made by the boards of directors, executive boards, and auditors, as well as to examine the reports and information presented to the general meetings for the period preceding and succeeding the entry of a strategic partner. The commission will also look for any material information or incidents that were neglected.
Keen to protect the interests of investors and the financial markets operating in the country, SCA closely monitors disclosures and the implementation of governance requirements and controls, in addition to monitoring violations and the penalties imposed pursuant to Federal Law No. (2) of 2015 concerning Commercial Companies, SCA’s regulations, and the provisions of the federal law regulating the profession of auditors.