CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (109/2022 Disciplinary Board) (43/2022 Authority) and imposition of a fine against Adel Mohammed Al-Sanea – Kuwaiti Accountant Auditing Office (HLB) in his capacity as the auditor of National Shooting Company (Shooting) for violating the rules of Securities Activities and Registered Persons
Announcement regarding issuance of Disciplinary Board Resolution No. (109/2022 Disciplinary Board) (43/2022 Authority) and imposition of a fine against Adel Mohammed Al-Sanea – Kuwaiti Accountant Auditing Office (HLB) in his capacity as the auditor of National Shooting Company (Shooting).
For violating the rules of Securities Activities and Registered Persons.
For the following reasons:
He violated the provision of Item (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. In his capacity as the auditor of National Shooting Company (Shooting), he failed to notify the CMA of the Company’s non-compliance with the International Financial Reporting Standard (10) “IFRS 10 Consolidated Financial Statements” in its financial statements that ended on 31/12/2021, and he did not make any remarks on the mentioned Company’s violation of the International Financial Reporting Standard (10) “IFRS 10 Consolidated Financial Statements” within his report on its financial statements that ended on 31/12/2021.
The Resolution included the infliction of the following penalty: -
“Levying a fine against Adel Mohammed Al-Sanea in his capacity as the auditor of National Shooting Company (Shooting) in an amount of KWD 5000 (five 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.