Doha: Qatar Central Bank said yesterday that it did not approve QLM Life and Medical Insurance Company’s dividend distribution, given its quarterly financial statements were not audited.
The company’s Ordinary General Assembly agreed to distribute an interim dividend to shareholders from under the profit account for the year 2021 and authorizing the Board of Directors to determine the appropriate amount for distribution and to take the necessary measures for this in accordance with the controls and approval of the Qatar Central Bank and other relevant authorities, and to the Boards decision at its meeting, which was held on April 26 this year, distributing four percent of the nominal value of the share as an advance from under the account of the profits of the current year 2021, after auditing and reviewing the company’s quarterly budget as on March 3, 2021 and obtaining approval all competent authorities.
