CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (19/2026 Disciplinary Board) (05/2026 Authority) and imposition of a fine against: 1- Agility Public Warehousing Company, 2- Chairman of the Board of Directors, 3- Vice Chairman of the Board of Directors, 4- Chief Executive Officer, 5- Members of the Board of Directors (5 members), 6- Financial Manager of the Company, for violating the Rules of Listing and Corporate Governance.

Announcement regarding issuance of Disciplinary Board Resolution No. (19/2026 Disciplinary Board) (05/2026 Authority) and imposition of a fine against: 1- Agility Public Warehousing Company, 2- Chairman of the Board of Directors, 3- Vice Chairman of the Board of Directors, 4- Chief Executive Officer, 5- Members of the Board of Directors (5 members), 6- Financial Manager of the Company, for violating the Rules of Listing and Corporate Governance.

For the following reasons:
First: Agility Public Warehousing Company violated the provision of Article (1-14) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

The following was proven to the CMA through reviewing the periodic financial statements of Agility Public Warehousing Company that ended on 30/9/2025:

a. The Company violated the requirements of the International Accounting Standard 37 (IAS 37):

The Company reclassified its investment in its associate company from the Item of “Investment in Associate” to the Item of “Debit Claims” in the amount of KWD 111,023.000 (one hundred and eleven million, and twenty-three thousand Kuwaiti Dinars), despite the fact that the timing and final recovery value remain precisely uncertain, and that this amount represents a contingent asset since its timing of realization and final value are uncertain. Consequently, and in accordance with the requirements of International Accounting Standard 37 (IAS 37), the Company is not permitted to record it in its financial statements.

b. The Company violated the requirements of each of: Paragraph 26/5 and Paragraph 20/4 of the Conceptual Framework for Financial Reporting, and the International Accounting Standard 40 – Paragraph 66:

This is due to the Company’s continuous recognition of real estates leased from Public Authority for Industry in a book value of KWD 65,762.000 (sixty-five million, seven hundred and sixty-two thousand Kuwaiti Dinars) included within the Item of “Real Estate Investments” in its periodic financial statements subject of the violation, despite handing them over to the CMA and losing control thereof pursuant to an official handover report dated 23/9/2025.

Second: Each of the following:
1. Chairman of the Board of Directors of Agility Public Warehousing Company.
2. Vice Chairman of the Board of Directors of Agility Public Warehousing Company.
3. Members of the Board of Directors of Agility Public Warehousing Company.
4. Members of the Board of Directors of Agility Public Warehousing Company.
5. Members of the Board of Directors of Agility Public Warehousing Company.
6. Members of the Board of Directors of Agility Public Warehousing Company.
7. Members of the Board of Directors of Agility Public Warehousing Company.

For violating the provision of Item (5) of Article (3-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

They did not perform the role assigned to them through ensuring the Company’s compliance with the provision of Article (1-14) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The following was proven to the CMA through reviewing the periodic financial statements of Agility Public Warehousing Company that ended on 30/9/2025:

a. The Company violated the requirements of the International Accounting Standard 37 (IAS 37):

The Company reclassified its investment in its associate company to the Item of “Debit Claims” in the amount of KWD 111,023.000 (one hundred and eleven million, and twenty-three thousand Kuwaiti Dinars), despite the fact that the timing and final recovery value remain precisely uncertain, and that this amount represents a contingent asset since its timing of realization and final value are uncertain. Consequently, and in accordance with the requirements of International Accounting Standard 37 (IAS 37), the Company is not permitted to record it in its financial statements.

b. The Company violated the requirements of each of: Paragraph 26/5 and Paragraph 20/4 of the Conceptual Framework for Financial Reporting, and the International Accounting Standard 40 – Paragraph 66:

The is due to the Company’s continuous recognition of real estates leased from Public Authority for Industry in a book value of KWD 65,762.000 (sixty-five million, seven hundred and sixty-two thousand Kuwaiti Dinars) included within the Item of “Real Estate Investments” in its periodic financial statements subject of the violation, despite handing them over to the CMA and losing control thereof pursuant to an official handover report dated 23/9/2025.

Third: Each of the following:
1. Chief Executive Officer of Agility Public Warehousing Company.
2. Financial Manager of Agility Public Warehousing Company.

For violating the following provisions:
1) Item (4) of Article (3-11) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
2) Article (5-2) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

It was undoubtedly proven that they failed to perform the role assigned to them through ensuring the Company’s compliance with the provision of Article (1-14) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The following was proven to the CMA through reviewing the periodic financial statements of Agility Public Warehousing Company that ended on 30/9/2025:

a. The Company violated the requirements of the International Accounting Standard 37 (IAS 37):

It was proven that the Company reclassified its investment in its associate company to the Item of “Debit Claims” in the amount of KWD 111,023.000 (one hundred and eleven million, and twenty-three thousand Kuwaiti Dinars), despite the fact that the timing and final recovery value remain precisely uncertain, and that this amount represents a contingent asset since its timing of realization and final value are uncertain. Consequently, and in accordance with the requirements of International Accounting Standard 37 (IAS 37), the Company is not permitted to record it in its financial statements.

b. The Company violated the requirements of each of: Paragraph 26/5 and Paragraph 20/4 of the Conceptual Framework for Financial Reporting, and the International Accounting Standard 40 – Paragraph 66:

The is due to the Company’s continuous recognition of real estates leased from Public Authority for Industry in a book value of KWD 65,762.000 (sixty-five million, seven hundred and sixty-two thousand Kuwaiti Dinars) included within the Item of “Real Estate Investments” in its periodic financial statements subject of the violation, despite handing them over to the CMA and losing control thereof pursuant to an official handover report dated 23/9/2025.

The Resolution included the infliction of the following penalty: -
“First: Levying a fine on Agility Public Warehousing Company in an amount of KWD 10,000 (ten thousand Dinars) for the attributed violation in its two parts.

Second: Levying a fine on each of: 
1. Chairman of the Board of Directors of Agility Public Warehousing Company.
2. Members of the Board of Directors of Agility Public Warehousing Company.
3. Members of the Board of Directors of Agility Public Warehousing Company.
4. Members of the Board of Directors of Agility Public Warehousing Company.
5. Members of the Board of Directors of Agility Public Warehousing Company.
6. Members of the Board of Directors of Agility Public Warehousing Company.
In an amount of KWD 5,000 (ten thousand Dinars) on each one of them for the attributed violation.

Third: Levying a fine on each of: The Company’s Vice Chairman of the Board of Directors, Chief Executive Officer, and Financial Manager in an amount of KWD 10,000 (ten thousand Dinars) on each one of them 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.
 

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