CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (70/2023) Disciplinary Board - (92/2023) Authority and imposition of a warning against: 1- Arabi Holding Group Company for Violating the Rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (70/2023) Disciplinary Board - (92/2023) Authority and imposition of a warning against:

Arabi Holding Group Company

for Violating the Rules of Disclosure and Transparency

For the following reasons:

Violating the provisions of Article (4-6-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as it was proven to the Authority that the Company failed to properly disclose on Boursa Kuwait Securities Exchange the material information represented by the judgment of the Court of Appeal in the two registered appeals, in addition to failure to properly disclose the subject matter of the case under appeal, as the Company’s disclosure in this regard did not contain sufficient information that would allow those interested to decide as a result of the material information, the disclosure also included misleading information that does not reflect the truth stated in the reasons of the judgment.

The Resolution included the infliction of the following penalty: -

"First: Levying a warning against Arabi Holding Group Company for the attributed violation and considering it non-repetition in the future.”
 

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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