CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (22/2021 Disciplinary Board - 143/2020 Authority)
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Tuesday May 18, 2021 on violation No. (22/2021 Disciplinary Board - 143/2020 Authority) filed against: Qurain Petrochemical Industries Company (QPIC).
The operative part of the Resolution resulted in the aforementioned being convicted of violating the following:
1. Provision of paragraph (b) of Item (1) of Appendix (1) of Module Eleven “Dealing in Securities” of the Executive Bylaws of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments:
2. Provision of paragraph (b) of Item (2) of Appendix (1) of the same above-mentioned Module:
For its non-compliance with the valuation of local and foreign real estate assets listed under “Property, Plant and Equipment” with a total value of KWD 6,236,073 (Six million two hundred thirty-six thousand and seventy-three Kuwaiti Dinars) in its financial statement for the financial year ending on March 31, 2020, represented as follows:
a) Local Real Estate:
Listed Value |
Real Estate |
No. |
KWD 147,139 (one hundred forty-seven thousand one hundred and thirty-nine Kuwaiti Dinars). |
Consolidated real estate assets from Sandco (a subsidiary company) - Al-Jahra area. |
1 |
KWD 163,390 (one hundred and sixty-three thousand three hundred and ninety Kuwaiti Dinars). |
Consolidated real estate assets from Bayan Company (subsidiary company) - Al-Jahra area. |
2 |
KWD 73,396 (seventy-three thousand three hundred and ninety-six Kuwaiti Dinars). |
Consolidated real estate assets from the Saudia Dairy & Foodstuff Company (subsidiary company) - Ardiya, Block 1. |
3 |
b) Foreign Real Estate:
Listed Value |
Real Estate |
No. |
---|---|---|
KWD 4,341,904 (four million three hundred forty-one thousand nine hundred and four Kuwaiti Dinars). |
Consolidated real estate assets of Mlekoma Sp. Z o. o. & Foodexo (subsidiary company) - Przasnysz village in Mazovia, and the town of Brzeziny in the province of Łódź - Poland. |
1 |
KWD 280,677 (two hundred eighty thousand six hundred and seventy-seven Kuwaiti Dinars). |
Warehouse and office building, Saudia Dairy and Foodstuff Company - Building No. 703, Street 3426, Block 634, Al-Maamir District - State of Bahrain. |
2 |
KWD 502,894 (five hundred and two thousand eight hundred and ninety-four Kuwaiti Dinars). |
Warehouse and office building, Rifaat Zaghloul - Al Qastal Street, Amman - Jordan. |
3 |
KWD 726,673 (seven hundred and twenty-six thousand six hundred and seventy-three Kuwaiti Dinars). |
Warehouse and office building, Saudia Dairy and Foodstuff Company - Industrial Area, Street 36, the capital Doha - State of Qatar. |
4 |
The decision included the infliction of the following penalty: -
“The violating Company is fined an amount of three thousand dinars for each of 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.