Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (7/2019 Disciplinary Board) (183/2018 Authority)
Date Publish 07 February 2019
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 7/2/2019 on violation No. (7/2019 Disciplinary Board) (183/2018 Authority) filed against:
Massaleh Real Estate Company
That is by "warning the Company of the consequences of repeating the violation of the disclosure rules of material information."
This punishment is due to the Company’s violation of the provisions of Clause (26) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, for failing to disclose at the Boursa Kuwait Securities Company the material information to discuss the invitation for the meeting of the Board of Directors, the sale of the Company's real estate and the clearance with the Commercial Bank for a total amount of KWD 49,250,000.
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.
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