Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (70/2020 Disciplinary Board) (70/2020 Authority)
Date Publish 14 January 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 14/01/2021 on violation No. (70/2020 Disciplinary Board) (70/2020 Authority) filed against:
KGL Logistics Company
The company violated the following:
First: Provisions of paragraph (a) of Article (1) of Appendix (1) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
Second: Provisions of paragraph (b) of Article (2) of the Appendix mentioned above.
Third: Provisions of Article (1-13) of Module Twelve (Listing Rules) 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 3000 for each of the four violations committed, for violating the International Accounting Standards and the procedures of real estate valuations when preparing the financial statements”.
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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