Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (54/2019 Disciplinary Board) (101/2019 Authority)
Date Publish 28 November 2019
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday 28/11/2019 on violation No. (54/2019 Disciplinary Board) (101/2019 Authority) filed against:
Tamkeen Holding Company
The Company violated the provisions of Clause (d) of Article (1-15) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments by not holding the annual ordinary general assembly within two months from the disclosure date of the financial statements that took place on 14/03/2019. It did not hold its annual ordinary general assembly until 20/06/2019. The Company repeated the same violation of the provisions of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments even though it was previously warned by the CMA in a letter on 12/08/2018 by the entity who issued that violation at the CMA –Supervision Sector- to avoid committing this violation, and not to repeat it.
Therefore, the resolution was issued: “The Company is fined an amount of KWD 5,000 for the delay in holding the general assembly within the specified legal period.”
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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