CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (116/2022 Disciplinary Board) (99/2022 Authority) and imposition of a fine against Hussein Mohammed Gharib - Director of KGL Real Estate Company for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (116/2022 Disciplinary Board) (99/2022 Authority) and imposition of a fine against Hussein Mohammed Gharib - Director of KGL Real Estate Company for violating the rules of Disclosure and Transparency
For the following reasons:
1) Provision of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.
As an insider with Kuwait and Gulf Link Transport Company (KGL), he purchased 50,000 shares of the shares of Kuwait and Gulf Link Transport Company on 27/04/2022 during the period of the ban on dealing for insiders specified in the aforementioned Article.
2) Provision of Item (2) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.
For his delay in disclosing the aforementioned purchase within the legally specified period, as he did not disclose it until 17/05/2022.
The Resolution included the infliction of the following penalty: -
" Levying a financial fine against Hussein Mohammed Gharib - Director of KGL Real Estate Company an amount of KWD 3,000 (three 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.