Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (77/2020 Disciplinary Board) (116/2020 Authority)
Date Publish 17 February 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Wednesday February 17, 2021 on violation No. (77/2020 Disciplinary Board) (116/2020 Authority) against: Senergy Holding Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the following:
1. Provision of paragraph (b) of item (1) of Appendix (1) of Module Eleven “Dealing in Securities” of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.
2. Provision of paragraph (b) of item (2) of Appendix (1) of the same Module mentioned above.
The Company did not valuate the real estate included in the financial statements of the Company to date for the financial year that ended on December 31, 2019 under item "Property and Equipment" at least annually, listed at KD 368,300 (three hundred sixty-eight thousand and three hundred Kuwaiti dinars) for the following real estate: -
a. Property located in the State of Kuwait.
b. Two properties located in Pakistan.
c. Property located in the State of Iraq.
d. Property located in Sudan.
The decision included the infliction of the following penalty: -
“The Company is fined an amount of five thousand dinars for what was assigned to it for failing to submit two valuations of its properties for the financial year that ended on December 31, 2019.”
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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