Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (50/2019 Disciplinary Board) (83/2019 Authority)
Date Publish 14 November 2019
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 14/11/2019 on violation No. (50/2019 Disciplinary Board) (83/2019 Authority) filed against:
Al Kout Industrial Projects Company
The Company violated the provisions of Clauses (1,2,3) of Article (4-6-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments due to not complying with the disclosure rules of material information in its comment at Boursa Kuwait on 09/06/2019, regarding what was issued in the social media in relation to the issuance of the letter from the Ministry of Commerce and Industry regarding the complaint of some shareholders on the decision of the general assembly held on 30/04/2019 concerning the clause of discharging members of the board of directors, as well as not clarifying the procedures followed by it on submitting a grievance on the decision of the Ministry of Commerce and Industry on 03/06/2019 before the date of the comment, which makes the mentioned comment a false and misleading disclosure to the shareholders of the company.
Therefore, the resolution was issued:
“The Company is fined an amount of KWD 10,000 for the violation of the disclosure rules of material information.”
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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