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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.

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.
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