Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (15/2019 Disciplinary Board) (18/2019 Authority)
Date Publish 11 April 2019
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 11/04/2019 on violation No. (15/2019 Disciplinary Board) (18/2019 Authority) filed against:
IFA International Financial Advisors
“First: The Company shall pay a fine of KWD 5000 for violating the rules on disclosure of material information
Second: the CEO is Fined KWD 2000 for negligence in the occurrence of the violation not to implement Law and its Executive Bylaws”
This punishment is due to the Company’s violation of provisions of Clause (8) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company did not disclose the material information and timely information about its failure to disclose the recording of losses of 7,089,828 Dinars due to the reclassification of the accounting resulting from the sale of part of its ownership of IFA Hotels & Resorts, which changed its classification from subsidiary to associate and which has a significant impact on the financial position of the company.
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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