CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (76/2023) Disciplinary Board - (126/2023) Authority, and imposition of a fine against: Mabanee Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (76/2023) Disciplinary Board - (126/2023) Authority, and imposition of a fine against: Mabanee Company for violating the rules of Disclosure and Transparency.

For the following reasons:
1) Violation of the provision of Item (10) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. 
The Company failed to disclose signing a number of finance contracts with significant effect.

2) The provision of Article (4-2-1) of the same Module:
The Company was late to disclose a number of material information.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Mabanee Company in the amount of KWD 10,000 (ten thousand Dinars) for the first violation, and the amount of KWD 3000 (three thousand Dinars) for the second 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 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.

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