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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (57/2020 Disciplinary Board) (50/2020 Authority)
Date Publish 15 October 2020


The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 15/10/2020 on violation No. (57/2020 Disciplinary Board) (50/2020 Complaint) filed against:

  1. Al-Mal Investment Company
  2. Abdullah Abdulkareem Al Fadli – Secretariat of the Board of Directors of Al-Mal Investment Company
  3. Ayman Ahmad Shait – Vice Chairman of the Board of Directors of Al-Mal Investment Company
  4. Abdulkareem Abdullah Al Mutawa – Former Chairman of the Board of Directors of Al-Mal Investment Company

for violating the following:

First: Al-Mal Investment Company, for violating the following:

1. Provisions of Article (6-1) of Module Six (Policies & Procedures of Licensed Persons) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

2. Provisions of Clause (1) of Article (2-2) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

3. Provisions of Clauses (1) and (7) of Article (5-6) of Module Fifteen (Corporate Governance) of the Executive Bylaws of the same aforementioned Law and their amendments.

4. Provisions of Clauses (2) of Article (5-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

5. Provisions of Article (6-9) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

Second: Mr. Abdullah Abdulkareem Al Fadli – Secretariat of the Board of Directors of Al-Mal Investment Company, for violating Provisions of Clauses (2) of Article (2-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

Third: Mr. Ayman Ahmad Shait – Vice Chairman of the Board of Directors of Al-Mal Investment Company, for violating the Provisions of Clauses (2) and (4) of Article (3-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

Fourth: Mr. Abdulkareem Abdullah Al Mutawa – (Former) Chairman of the Board of Directors of Al-Mal Investment Company, for violating the Provisions of Clauses (6) of Article (2-5) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.

Therefore, the decision was issued: -

“First: - The first violating Company is fined an amount of KWD 1000 for each of the five violations committed.

Second: Warning the second, third and fourth violators of the consequences of repeating the violation of the Law”

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.
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