CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (84/2022 Disciplinary Board) (18 /2022 Authority) and the imposition of a fine against: 1. Mr.Imad Jasem Al Saqer / Chairman of the Board of Directors of Kuwait Cable Vision Company 2. Dr. Osama Jawad Ahmad Bukhamseen/ Vice Chairman of the Board of Directors 3.Mr. Saleh Yacoub Al Humaidhi/ Member of the Board of Directors 4. Mr. Walid Mohammad Al Saqer/ Member of the Board of Directors 5. Mohammed Abdul Hamid Abdul Azim / Member of the Board of Directors for violating the Listing Rules.
Announcement regarding issuance of Disciplinary Board Resolution No. (84/2022 Disciplinary Board) (18 /2022 Authority) and the imposition of a fine against:
1. Mr.Imad Jasem Al Saqer - Chairman of the Board of Directors of Kuwait Cable Vision Company
2. Dr. Osama Jawad Ahmad Bukhamseen- Vice Chairman of the Board of Directors
3.Mr. Saleh Yacoub Al Humaidhi- Member of the Board of Directors
4. Mr. Walid Mohammad Al Saqer- Member of the Board of Directors
5. Mohammed Abdul Hamid Abdul Azim - Member of the Board of Directors
for violating the Listing Rules.
For the following reasons:
Provision of Article (2-4-2) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, in their aforementioned capacity to call, failure to call for the Company’s general assembly to consider the resolution issued by the Board of Commissioners of the Capital Markets Authority in its meeting held on 23/09/2020 against the Kuwait Cable Vision Company regarding delisting its shares from Boursa Kuwait Securities Exchange, where the Company’s shares were delisted on 24/12/2020, as the general assembly of the Company has not been called within the legally specified period which should not exceed three months from the date of the issuance of the resolution to delist the Company's shares to date.
The Resolution included the infliction of the following penalty: -
“1. Mr. Imad Jasem Al Saqer - Chairman of the Board of Directors of Kuwait Cable Vision Company
2. Dr. Osama Jawad Ahmad Bukhamseen - Vice Chairman of the Board of Directors of the mentioned Company.
3.Mr. Saleh Yacoub Al Humaidhi - Member of the Board of Directors of the mentioned Company.
4. Mr. Walid Mohammad Al Saqer - Member of the Board of Directors of the mentioned Company.
5. Mohammed Abdul Hamid Abdul Azim - Member of the Board of Directors of the mentioned Company
are each 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 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.