CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (46/2022 Disciplinary Board) (07/2022 Authority) and imposition of a fine against Kuwait Remal Real Estate Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (46/2022 Disciplinary Board) (07/2022 Authority) and imposition of a fine against Kuwait Remal Real Estate Company for violating the rules of Disclosure and Transparency.
For the following reasons: violating provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the CMA that Kuwait Remal Real Estate Company was late in disclosing a court ruling issued in its favour on December 12, 2021 which required the defendant (a company) to pay an amount of KWD 1,825,545 (one million, eight hundred twenty-five thousand, five hundred forty-five Kuwaiti Dinars) out of KWD 6,519,545 (six million, five hundred nineteen thousand, five hundred forty-five Kuwaiti Dinars), as the Company disclosed that ruling on December 21, 2021 at 01:20 p.m.
The Resolution included the infliction of the following penalty: -
“Remal Real Estate 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.