Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (19/2019 Disciplinary Board) (29/2019 Authority)
Date Publish 02 June 2019
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Sunday 02/06/2019 on violation No. (19/2019 Disciplinary Board) (29/2019 Authority) filed against:
National International Company (Holding).
“The Company is fined an amount of KWD 5000 for its delayed disclosure of a material information.”
This punishment is due to the Company’s violation of provisions of Article (4-2-1) of Module 10 (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The company did not disclose at Boursa Kuwait Securities and the CMA at the right time material information that it acquired 50% of the debt Sukuk owned by Lagoon City Sukuk Limited on 17/12/2018 in KWD 24,158,025 (twenty four million, and one hundred and fifty eight thousand, and twenty five KWD) until 23/12/2018. It also provided a supplementary disclosure on 25/12/2018 regarding the financial impact resulting from the acquisition of debt Sukuk.
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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