Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (79/2020 Disciplinary Board) (105/2020 Authority)
Date Publish 18 February 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday February 18, 2021 on violation No. (79/2020 Disciplinary Board) (105/2020 Authority) against: Al-Masaken International for Real Estate Development Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the provision of 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. The Company did not submit or attach any independent valuation of the real estate assets mentioned in (Real Estate Held for Trading) item in the financial statements for the financial year that ended on December 31, 2019 with a total value of KD 3,491,624 (three million four hundred and ninety-one thousand six hundred and twenty-four Kuwaiti dinars, represented in a property owned by the Company located in Kinnerton - Belgravia in the United Kingdom.
The decision included the infliction of the following penalty: -
“The violating company is fined an amount of three thousand dinars for what was assigned to it, for failing to submit a valuation of its real estate 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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