CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (69/2024 Disciplinary Board) (86/2024 Authority) and imposition of a fine against: National Industries Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (69/2024 Disciplinary Board) (86/2024 Authority) and imposition of a fine against: National Industries Company for violating the rules of Disclosure and Transparency

For the following reason:
First: Violation of the provision of Item No. (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 the signing of some effective credit facility contracts.

Second: Violation of the provision 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’s delayed in disclosing some material information (lawsuits and court judgments – signing contracts – resignation of the Acting Vice-CEO of the factories – amending the Company’s organizational structure – signing contracts).

The Resolution included the infliction of the following penalty: -
“Levying a fine against National Industries Company in an amount of KWD 1,000 (one thousand Dinars) for each one of the 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 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.