CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (85/2022 Disciplinary Board) (103/2022 Authority) and the imposition of a fine against Gulf Petroleum Investment Company (Petrogulf) for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (85/2022 Disciplinary Board) (103/2022 Authority) and the imposition of a fine against Gulf Petroleum Investment Company (Petrogulf) for violating the rules of Disclosure and Transparency
For the following reasons:
For violating the provision of Item (2) of Article (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, the Company failed to disclose its update to its list of insiders in accordance with Appendix No. (5) “Corporate Insiders Watch List Form and its Updates” within the legal period specified of five working days, as a change occurred in its list of insiders on 3/6/2021, the Company’s disclosure regarding this change was on 7/6/2022, which is after the end of the legal period.
The Resolution included the infliction of the following penalty: -
“Gulf Petroleum Investment Company is fined an amount of one 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.