CMA LAW: Announcement Regarding Issuance of Disciplinary Board Resolution No. (52/2021 Disciplinary Board) (68/2021 Authority) and imposition of a fine of five thousand Dinars against the Commercial Bank of Kuwait for violating Disclosure and Transparency

Announcement Regarding Issuance of Disciplinary Board Resolution No. (52/2021 Disciplinary Board) (68/2021 Authority) and imposition of a fine of five thousand Dinars against the Commercial Bank of Kuwait for violating Disclosure and Transparency.

For the following reasons:           

Violating the provision of Article (4-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments, due to its failure to respond to the rumor spread on December 26, 2020 on social media by the account (---- ---) on (Instagram) regarding its acquisition of the Jumeirah Hotel as a result of the owners’ failure to pay their debt, despite the fact that both the CMA and Boursa Kuwait requested the bank’s response on December 27, 2020 by e-mail on that rumor before the start of next trading session.
 

The Resolution included the infliction of the following penalty: -
“The Commercial Bank of Kuwait is fined an amount of five 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. 

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