CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (05/2022 Disciplinary Board) (173/2021 Authority) and the imposition of a fine against The Equipment Holding Company for violating the Listing Rules.
Announcement regarding issuance of Disciplinary Board Resolution No. (05/2022 Disciplinary Board) (173/2021 Authority) and the imposition of a fine against The Equipment Holding Company for violating the Listing Rules.
For the following reasons:
Violating provision of Article (1-13) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. In the financial statements of the year that ended on 31/12/2020, the Company did not comply with the International Accounting Standard no. 37 “IAS 37 – Provisions, contingent assets and liabilities”, as it did not calculate the provision of credit losses that is enough for the receivables to include the amount of 5,857,840 KWD (five million, eight hundred and fifty-seven thousand, and eight-hundred and forty Kuwaiti Dinars only).
The Resolution included the infliction of the following penalty: -
“The Equipment Holding Company is fined an amount of ten thousand Dinars for the attributed violation.”
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.