CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (93/2022 Disciplinary Board) (26/2022 Authority)
Announcement regarding issuance of Disciplinary Board Resolution No. (93/2022 Disciplinary Board) (26/2022 Authority) and imposition of a fine against each of:
1- Mohammad Adel Mohammad Al-Fahed in his capacity as Chairman of the Board of Directors of Al Mudon International Real Estate Company (formerly).
2- Mahmoud Jamal Al-Sayed Taleb in his capacity as Board Member of Al Mudon International Real Estate Company (formerly).
3- Mohammad Mahmoud Abo El Kheir in his capacity as Board Member of Al Mudon International Real Estate Company (formerly).
4- Abdullah Sami Al-Jouan in his capacity as Vice Chairman of Al Mudon International Real Estate Company.
5- Abdullah Ahmed Al-Aiban in his capacity as Board Member of Al Mudon International Real Estate Company
For violating the Rules of Corporate Governance.
For the following reasons:
They violated the provision of Article (3-1) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to their failure, as members of the Company’s Board of Directors, to perform the roles assigned to them represented by enhancing the company’s competitive capacity, achieving high growth rates, and increasing profits.
The Resolution included the infliction of the following penalty: -
" Levying a financial fine against each of:
1- Mohammad Adel Mohammad Al-Fahed in his capacity as former Chairman of the Board of Directors of Al Mudon International Real Estate Company.
2- Mahmoud Jamal Al-Sayed Taleb in his capacity as a former Board Member of Al Mudon International Real Estate Company.
3- Mohammad Mahmoud Abo El Kheir in his capacity as a former Board Member of Al Mudon International Real Estate Company.
4- Abdullah Sami Al-Jouan in his capacity as Vice Chairman of Al Mudon International Real Estate Company.
5- Abdullah Ahmed Al-Aiban in his capacity as Board Member of Al Mudon International Real Estate Company
In an amount of KWD 10,000 (ten thousand Dinars) on each one of them for the attributed violations”.
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.