Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (76/2020 Disciplinary Board) (88/2020 Authority)
Date Publish 04 February 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 04/02/2021 on violation No. (76/2020 Disciplinary Board) (88/2020 Authority) against: Horizon Gate Company for General Trading and Contracting W.L.L in its capacity as Chairman of Tamkeen Holding Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating Article (1-15) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Article stipulates “c. Listed Companies – except for banks – shall submit their financial statements mentioned in the two previous articles within the same dates to the Authority, and the Board of Directors of the company is liable for any violation of this article, without prejudice to the rules set by the Central Bank of Kuwait in this regard for Units Subject to the Supervision of the Central Bank.” It became evident to the Authority that the Company, in its capacity as Chairman of the Board of Directors of Tamkeen Holding Company, did not submit a copy of the Company's interim financial statements for the financial periods ending on 31/03/2020 (first quarter) and 30/06/2020 (second quarter) to the Authority within the specified period that ended before the start of trading on 16/8/2020, as the Company did not submit a copy of that information to date.
The decision included the infliction of the following penalty: -
“The violating Company is fined an amount of five thousand dinars, provided that the fine is renewed monthly, starting from 31/03/2021 and until the violation is corrected or until the Company leaves the position”
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 Laws 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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