CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (118/2022 Disciplinary Board) (73/2022 Authority) and imposition of a fine against each of: 1- Nabil Muhammad Al Husaini- Chairman of the Board of Directors of Al Bareeq Holding Company2- Khalid Abdul Latif Al Munae- Vice Chairman of the Board of Directors of Al Bareeq Holding Company3- Hamoud Ahmed Al Ragheeb - Board Member of Al Bareeq Holding Company4- Soliman Ibrahim Al Salman- Board Member of Al Bareeq Holding Company5- Ahmed Bin Mohamed Al Nahyan- Board Member of Al Bareeq Holding Company for violating the rules of Corporate Governance.
Announcement regarding issuance of Disciplinary Board Resolution No. (118/2022 Disciplinary Board) (73/2022 Authority) and imposition of a fine against each of:
1- Nabil Muhammad Al Husaini- Chairman of the Board of Directors of Al Bareeq Holding Company.
2- Khalid Abdul Latif Al Munae- Vice Chairman of the Board of Directors of Al Bareeq Holding Company.
3- Hamoud Ahmed Al Ragheeb - Board Member of Al Bareeq Holding Company.
4- Soliman Ibrahim Al Salman- Board Member of Al Bareeq Holding Company.
5- Ahmed Bin Mohamed Al Nahyan- Board Member of Al Bareeq Holding Company
For violating the rules of Corporate Governance.
For the following reasons:
They violated the provision of Item (3) of Article (3-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the Authority, when examining the assets of the subsidiary Company, that it has real estate investments, but it does not have any documented and certified documents from the official authorities proving its ownership of these investments, noting that the value of the aforementioned investments amounts to about 14 million Kuwaiti Dinars, according to the financial statements for the period ending on 31/12/2021, which would lead to legal and financial risks for the Company and its shareholders.
The Resolution included the infliction of the following penalty: -
“Levying a financial fine on each of the following:
1- Nabil Muhammad Al Husaini- Chairman of the Board of Directors of Arabi Holding Group Company.
2- Khalid Abdul Latif Al Munae- Vice Chairman of the Board of Directors of Arabi Holding Group Company.
3- Hamoud Ahmed Al Ragheeb - Board Member of Arabi Holding Group Company.
4- Soliman Ibrahim Al Salman- Board Member of Arabi Holding Group Company.
5- Ahmed Bin Mohamed Al Nahyan- Board Member of Arabi Group Holding Company.
in an amount of 5,000 KD (five thousand Dinars) on the each one of them for the violation attributed to them.”
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 rules 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.