Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (15/2021 Disciplinary Board) (141/2020 Authority)
Date Publish 04 May 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Tuesday May 04, 2021 on violation No. (15/2021 Disciplinary Board) (141/2020 Authority) filed against: Gulf Investment House Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the provision of paragraph (b) of item (1) of Appendix (1) (Real Estate Assets Valuation) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Laws No. 7 of 2010 and their amendments. It did not perform a valuation of its local real estate assets represented in a group of buildings for Afkar Holding Company (a subsidiary company) located in the north of the Sabhan Industrial Area - block No. 58 with an amount of 22,402 Kuwaiti Dinars (twenty-two thousand four hundred and two Kuwaiti Dinars), included under the item (Property and Equipment ) in the statement of the company's financial position for the financial year ending on 31/12/2019, and for the financial period ending on 30/6/2020 to date.
The decision included the infliction of the following penalty: -
“The violating company is fined an amount of four thousand Kuwaiti Dinars for the attributed violation”.
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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