Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (60/2021 Disciplinary Board) (03/2021 Report) and imposition of a fine of four thousand Dinars against Al-Bareeq Holding Company for violating Disclosure and Transparency
Announcement Regarding Issuance of Disciplinary Board Resolution No. (60/2021 Disciplinary Board) (03/2021 Report) and imposition of a fine of four thousand Dinars against Al-Bareeq Holding Company for violating Disclosure and Transparency
For the following reasons:
Violation of the provision of Item (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. Al-Bareeq Holding Company held a Board of Directors meeting on 20/12/2020, in which it was recommended to hold the Extraordinary General Assembly meeting of the Company, where the Company only disclosed the announcement of holding of the Extraordinary General Assembly on 13/1/2021, its results on 26/1/2021, and the supplementary disclosure to it on 27/1/2021 without disclosing the date of the Board of Directors meeting and the agenda, which included in its items a discussion of transforming the way the Company conducts its business to be in compliance with the provisions of Islamic Sharia, which is considered material information that must be disclosed.
The Resolution included the infliction of the following penalty: -
“Al-Bareeq Holding Company is fined an amount of four 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 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.