CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (28/2023 Disciplinary Board) (27/2023 Authority) and imposition of a fine against National Real Estate Company for violating the Rules of Disclosure and Transparency
Announcement regarding issuance of Disciplinary Board Resolution No. (28/2023 Disciplinary Board) (27/2023 Authority) and imposition of a fine against National Real Estate Company for violating the Rules of Disclosure and Transparency.
For the following reasons:
Violation of the provision of Article (4-6-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to disclose in a sound manner and inaccuracy of the information included in its announcement published on 12/02/2023 in Boursa Kuwait Securities Exchange regarding handing over of Souk Sharq Market.
The Resolution included the infliction of the following penalty: -
“Levying a fine on National Real Estate Company in an amount of KWD 1000 (one 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.