Title: Announcement regarding issuance of Disciplinary Board Resolution No. (25/2023) Disciplinary Board - (39/2023) Authority and imposition of a fine against Kuwait Remal Real Estate Company for violating the Provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments

Announcement regarding issuance of Disciplinary Board Resolution No. (25/2023) Disciplinary Board - (39/2023) Authority and imposition of a fine against

Kuwait Remal Real Estate Company

for violating the Provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments

For the following reasons: 

Provision of Article 139 of Law No. 7 of 2010 and its amendments, it was proven that the Company did not comply with the Board of Commissioners Resolution No. (173) of 2022 Regarding Suspending the Trading of Kuwait Remal Real Estate Company's Shares at Boursa Kuwait Securities Exchange, specifically  Article (3) of the Resolution, which stipulates the following:

“Kuwait Remal Real Estate Company shall submit to the CMA a weekly report on the updates and procedures it is taking to address the situation of suspending the Company's shares from trading at Boursa Kuwait Securities Exchange, as of the date of this Resolution.”

For not providing the Authority with the weekly reports despite being addressed by the Authority by e-mail.

The Resolution included the infliction of the following penalty: -

" Levying a fine on Kuwait Remal Real Estate Company in an amount of 15,000 (fifteen 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 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.