CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (83/2021 Disciplinary Board) (66/2021 Authority) and imposition of a fine of 10 thousand Dinars against Al-Madina for Finance & Investment for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (83/2021 Disciplinary Board) (66/2021 Authority) and imposition of a fine of 10 thousand Dinars against Al-Madina for Finance & Investment for violating the rules of Disclosure and Transparency

For the following reasons:

Violation of the provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments. The Company failed to disclose the material information related to the Court of Appeal issued on August 26, 2020 immediately after its issuance that cancelled the appealed judgment and imposed an amount of KWD 5,624,615 (five million, six hundred and twenty-four thousand, and six hundred and fifteen Kuwaiti Dinars only) in addition to profits of 7% from the judgment date until the completion of payment and expenses for the two levels, and lawyer fees of KWD 2,000 (two thousand Kuwaiti Dinars). The Company failed to disclose such judgment, that was issued on August 26, 2020, within the specified period; however, it disclosed on September 6, 2020.

The Resolution included the infliction of the following penalty: -

“Al-Madina for Finance & Investment is fined an amount of ten thousand Dinars for the violation attributed to it.”

In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these rules in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.