CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (117/2022 Disciplinary Board) (83/2022 Authority) and imposition of a fine against Jazeera Airways for violating the rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (117/2022 Disciplinary Board) (83/2022 Authority) and imposition of a fine against Jazeera Airways for violating the rules of Disclosure and Transparency
For the following reasons:
1) Provision of Item (2) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
As it was proven that the Company did not comply with the disclosure of its signing of the credit facilities agreement dated 1/10/2017 between Jazeera Airways and a bank.
2) Provision of Item (6) of Appendix (9) of the same Module:
It was proven that the Company did not discuss the recommendation to change its auditor in its disclosure dated 21/02/2021 regarding the invitation to convene the Board of Directors on 22/02/2021, despite mentioning the recommendation in the agenda of the aforementioned meeting.
3) Provision of Item (1) of Article (4-6-3) of the same Module:
As it was proven that the Company indicated in its disclosure dated 10/04/2019 regarding the comment on the published press release stipulating that “This news is completely untrue and that the Company did not receive any lawsuits regarding the claim for any financial compensation….”, however, it was found that the Company's statement was not correct, as it was proven that it received the aforementioned lawsuit sheet on 28/03/2019.
The Resolution included the infliction of the following penalty: -
" Levying a financial fine against Jazeera Airways an amount of KWD 10,000 (ten thousand Dinars) for the first and second attributed violations together, and dismissing the case otherwise, as stated in the reasons”.
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.