CMA LAW: Announcement Regarding Issuance of Disciplinary Board Resolution No. (65/2021 Disciplinary Board) (83/2021 Authority) and imposition of a fine of two thousand Dinars against IFA Hotels & Resorts Company for violating the rules of Disclosure and Transparency.

Announcement Regarding Issuance of Disciplinary Board Resolution No. (65/2021 Disciplinary Board) (83/2021 Authority) and imposition of a fine of two thousand Dinars against IFA Hotels & Resorts Company for violating the rules of Disclosure and Transparency.

For the following reasons:

For violating the provision of Item No. (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, as well as the provision of Item No. (9) of Appendix (10) (Circumstances on which Disclosure of Board of Directors Meetings is Required) from Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company did not disclose the discussion of the Audit Committee’s recommendation to use the issuance premium, the legal reserve, and the voluntary reserve to extinguish the Company’s losses within the agenda items of the Board of Directors meeting No. 5/2020 held on 12/11/2020.

The Resolution included the infliction of the following penalty: -
“IFA Hotels and Resorts is fined an amount of two thousand Dinars for the violations attributed to it”.

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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