CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (53/2022 Disciplinary Board) (13/2022 Authority) and imposition of a fine against: Al-Deera Holding Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (53/2022 Disciplinary Board) (13/2022 Authority) and imposition of a fine against: Al-Deera Holding Company for violating the rules of Disclosure and Transparency
For the following reasons: Provision of Item (2) and (10) of Article (4-1-1) Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, the following was proven to the Authority:
- The Company’s failure to disclose debt contracts executed on 1/8/2020.
- The Company’s failure to disclose the debt contract executed between the aforementioned and a Company on 22/6/2021, which is estimated at a value of 1,410,000 Kuwaiti Dinars (one million four hundred and ten thousand Kuwaiti Dinars), which is equivalent to 11.8% of the total liabilities and 11% of the total equity according to the mid annual financial statements for the period ending on 30/6/2021.
The Resolution included the infliction of the following penalty: -
"Al-Deera Holing Company is fined an amount of ten thousand Dinars for each of the two attributed violations”.
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 Laws 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.