CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (72/2022 Disciplinary Board) (60/2022 Authority) and imposition of a fine against: Ekttitab Holding Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (72/2022 Disciplinary Board) (60/2022 Authority) and imposition of a fine against: Ekttitab Holding Company for violating the rules of Disclosure and Transparency
For the following reasons:
Provision of Item (2) of Article (1-15-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as it was proven to the Authority that the Company did not submit a copy of its financial statements for the financial year ending on 31/12/2021 to Boursa Kuwait and the Authority within the legally specified period of ninety days which ended on 31/03/2022. The Company did not submit a copy of its financial statements until 27/04/2022.
The Resolution included the infliction of the following penalty: -
" Ekttitab Holding Company is fined an amount of five 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.