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Title: Announcement regarding issuance of Disciplinary Board Resolution No. (103/2022 Disciplinary Board) (49/2022 Authority) and imposition of a fine against Abdul-Latif Ahmad Al-Ahmad - Talal Abu-Ghazaleh & Co. International - Global Company for Auditing and Accounting – in his capacity as the external auditor of Al-Bareeq Holding Company
Date Publish
16 February 2023
Announcement regarding issuance of Disciplinary Board Resolution No. (103/2022 Disciplinary Board) (49/2022 Authority) and imposition of a fine against Abdul-Latif Ahmad Al-Ahmad - Talal Abu-Ghazaleh & Co. International - Global Company for Auditing and Accounting – in his capacity as the external auditor of Al-Bareeq Holding Company.
For violating the rules of Securities Activities and Registered Persons.
For the following reasons:
He violated the provision of Paragraph (7) of Article (3-4-4) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments and the provision of Article (3-4-5) of the same Module due to his failure to make any remarks in his report on the financial statements of Al-Bareeq Holding Company for the financial years that ended in 2019, 2020 and 2021, and for not notifying the CMA of his failure to properly record the financial impact in the financial statements.
The Resolution included the infliction of the following penalty: -
"First: - Dismissal of objection of the lack of jurisdiction of the Disciplinary Board to consider the violation.
Second: - Levying a fine against Abdul-Latif Ahmad Al-Ahmad in his capacity as the external auditor of Al-Bareeq Holding Company in an amount of KWD 10000 (ten 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.
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