Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (4/2020 Disciplinary Board) (156/2019 Authority)
Date Publish 18 February 2020
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Tuesday 18/02/2020 on violation No. (4/2020 Disciplinary Board) (156/2019 Authority) filed against:
Shuaiba Industrial Company
The Company violated the following provisions:
First: Paragraph (b,c,e) of Item (1) of Appendix (1) “Real Estate Assets Valuation” of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
Second: Paragraph (b) of Item (2) of Appendix (1) “Real Estate Assets Valuation” of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
Therefore, the resolution was issued: “the Company is fined an amount of KWD 5000 for what was committed, for failing to provide two valuations for its real estates in the financial year that ended in 31/12/2018.”
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.
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