Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (61/2019 Disciplinary Board) (105/2019 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. (61/2019 Disciplinary Board) (105/2019 Authority) filed against:
Kuwait Remal Real Estate Company
The Company violated the provisions of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments due to not complying with disclosing during the specified time by law on the financial statements of the company for the financial period ended 30/06/2019, which was approved at the board meeting held on 07/08/2019 at 01:30 p.m., where the disclosure was made late on 08/08 /2019 at 11:41 a.m. at Boursa Kuwait.
Therefore, the resolution was issued:
“The Company is fined an amount of KWD 10,000 for the delay in the disclosure 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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