CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (90/2022 Disciplinary Board) (90/2022 Authority) and imposition of a fine against: REAM Real Estate Company for violating the Listing Rules
Announcement regarding issuance of Disciplinary Board Resolution No. (90/2022 Disciplinary Board) (90/2022 Authority) and imposition of a fine against: REAM Real Estate Company for violating the Listing Rules
For the following reasons:
Provision of Item (1) of Article (1-15) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, due to the Company’s failure to submit a copy of its periodical financial statements for the financial year ending on 31/3/2022 to Boursa Kuwait and the Authority within the legally specified period ending on 16/5/2022, the Company did not submit a copy of its financial statements to date.
The Resolution included the infliction of the following penalty: -
" REAM Real Estate 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.