CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (83/2022 Disciplinary Board) (42/2022 Authority)
Announcement regarding issuance of Disciplinary Board Resolution No. (83/2022 Disciplinary Board) (42/2022 Authority) and imposition of a fine against each of: 1- National Shooting Company (Shooting), 2- Saleh Adel Abdul-Hameed Al-Saleh, 3- Fahad Sabah Ali Al-Huwaidi, 4- Nawaf Khaled Qasem Al-Meshri, 5- Abdullah Jassem Mohammad Al-Shehab, 6- Abdulla Khalifa Al-Rabban.
For violating the rules of Listing and Corporate Governance.
For the following reasons:
They Violated the provision of Article (1-13) of Module Twelve (Listing Rules) of the Executive Bylaws, as it was proven to the CMA after studying the financial statements of National Shooting Company (Shooting) for the financial year that ended on 31/12/2021 that the Company did not comply with the International Financial Reporting Standard (10) “IFRS 10 Consolidated Financial Statements”. They also violated the provision of Item (5) of Article (3-7) of Module Fifteen (Corporate Governance), as it was proven to the CMA that they did not ensure accuracy and validity of the disclosed data and information in regards with the Company’s compliance with the International Financial Reporting Standard (10) “IFRS 10 Consolidated Financial Statements” due to collecting the financial statements of a company as on 31/12/2021 despite the absence of an authority by National Shooting Company (Shooting) on the company.
The Resolution included the infliction of the following penalty: -
"First: Levying a fine against National Shooting Company (Shooting) in an amount of KWD 50000 (fifty thousand Dinars) for the attributed violation.
Second: Levying a fine against each of: (1- Saleh Adel Abdul-Hameed Al-Saleh in his capacity as Chairman of the Board of Directors of National Shooting Company (Shooting), 2- Fahad Sabah Ali Al-Huwaidi in his capacity as Vice Chairman of the Board of Directors of National Shooting Company (Shooting), 3- Nawaf Khaled Qasem Al-Meshri in his capacity as Board Member of the Company, 4- Abdullah Jassem Mohammad Al-Shehab in his capacity as Board Member of National Shooting Company (Shooting), 5- Abdulla Khalifa Al-Rabban in his capacity as Board Member of the Company) in an amount of 50000 (fifty thousand Dinars) on each one of them 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.