Title: Announcement regarding issuance of Disciplinary Board Resolution No. (125/2022 Disciplinary Board) (100/2022 Authority) and imposition of a fine against Mr. Abdullah Mohammad Abdullah Abu Alhous – the Group Chief Operations Officer – Kuwait Finance House (KFH) for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (125/2022 Disciplinary Board) (100/2022 Authority):

Mr. Abdullah Mohammad Abdullah Abu Alhous – the Group Chief Operations Officer – Kuwait Finance House (KFH).

For violating the rules of Disclosure and Transparency.

For the following reasons: 

1. Violation of the provision of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

As an insider in KFH Group, and in his capacity as the Group Chief Operations Officer, he purchased 50,000 shares and 8200 shares on 24/4/2022 and 11/5/2022 during the period of the financial statements of the first quarter of 2022 in which the dealing was prohibited, provided that KFH is an insider to the issuer of the purchased shares.

2. Violation of Item (2) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

The following was proven:

- He did not disclose the previously mentioned purchase transaction.
- He did not disclose his purchase of 760000 shares on 19/5/2022 during the legally specified period, as he disclosed it on 24/5/2022.

The Resolution included the infliction of the following penalty: -

"Levying a fine against Abdullah Mohammad Abdullah Abu Alhous – the Group Chief Operations Officer – Kuwait Finance House (KFH) in an amount of KWD 50000 (fifty thousand Dinars) for the two attributed violations for correlation.”

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.