CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (10/2023 Disciplinary Board) (200/2022 Authority), and imposition of a fine against: Acico Industrial Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No (10/2023 Disciplinary Board) (200/2022 Authority), and imposition of a fine against: Acico Industrial Company for violating the rules of Disclosure and Transparency.

For the following reasons: 

First: Violation of the provision of Item (2) of Article (3-1-2) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to include the law firm in the Company’s list of insiders. This violation was discovered after the CMA’s inspection team conducted an inspection of the Company.

Second: Violation of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company failed to promptly disclose several material pieces of information certain judicial provisions and cases.

The Resolution included the infliction of the following penalty: -

"Levying a fine against Acico Industrial Company in an amount of KWD 2000 (two thousand Dinars) for the two 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.

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