CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (18/2022 Disciplinary Board) (01/2022 Authority) and the imposition of a fine against: Al-Imtiaz Investment Group Company for violating the Rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (18/2022 Disciplinary Board) (01/2022 Authority) and the imposition of a fine against: Al-Imtiaz Investment Group Company for violating the Rules of Disclosure and Transparency.
For the following reasons:
Provisions of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
It was proven to the Authority that the Company did not disclose the material information concerning the issuance of the court of first instance judgment on October 31, 2021 immediately upon its issuance which obligated the defendant (Al-Imtiaz Investment Group Company) to pay the plaintiff (... Company) the amount of 26,948,997 KWD (twenty-six million, nine hundred and forty-eight thousand, and nine hundred and ninety-seven Kuwaiti Dinars only), as the Company disclosed the issuance of that judgment on November 2, 2021.
The Resolution included the infliction of the following penalty: -
“Al-Imtiaz Investment Group Company is fined an amount of two thousand 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 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.