CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (33/2022 Disciplinary Board) (175-176/2021 Authority) and imposition of a fine against Khaled Mohammad Alshamali for violating the rules of Disclosure and Transparency.
Announcement regarding issuance of Disciplinary Board Resolution No. (33/2022 Disciplinary Board) (175-176/2021 Authority) and imposition of a fine against Khaled Mohammad Alshamali for violating the rules of Disclosure and Transparency.
For the following reasons:
1) Provision of paragraph (a) of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
2) Provision of paragraph (3) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
3) Provision of Item (1) of Article (3-6-2) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
His failure, as he is among the list of insiders with the Gulf Petroleum Investment Company (Board Member), and at the same time a representative for Al Noor United Holding Company (Manager) to disclose the dealings on the shares of the Gulf Petroleum Investment Company through the Company he manages (Al Noor United Holding Company) during the period from May 19, 2021 until August 24, 2021 (the lock down period).
As well as his failure, as he is among the list of insiders with the Investors Group Holding Company (Board Member) and at the same time as a representative for Al Noor United Holding Company (Manager) to disclose the dealings on the shares of the Investors Group Holding Company through the Company that he manages (Al Noor United Holding Company) during the lock down period between May 20, 2021 until September 1, 2021, along with his failure to disclose in accordance with Appendix 7 “Corporate Insiders Disclosure Form after Dealing in Listed Company’s Shares” after dealing on the shares of each of the Gulf Petroleum Investment Company and Investors Group Holding Company.
The Resolution included the infliction of the following penalty: -
“Khaled Mohammad Alshamali is fined an amount of twenty 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.