CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (76/2022 Disciplinary Board) (95/2022 Authority) and imposition of a fine against: Arabi Holding Group Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (76/2022 Disciplinary Board) (95/2022 Authority) and imposition of a fine against: Arabi Holding Group Company for violating the rules of Disclosure and Transparency
For the following reasons:
For Violating the Provision of Articles (4-1) of Chapter Four of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as it was conclusively proven to the Authority that the Company did not comply to disclosing in Boursa Kuwait Securities Exchange the material information related to its subsidiary Company (Arabi Enertech KSCC) liquidate guarantees related to projects with a total value of KWD 9,420,055 (nine million four hundred twenty thousand and fifty-five Kuwaiti Dinars only).
The Resolution included the infliction of the following penalty: -
" Arabi Holding Company 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 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.