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Title: Announcement Regarding Issuance of Disciplinary Board Resolution
Date Publish
07 January 2016
Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 7/1/2016 on violation No. (65/2015 Disciplinary Board) (133/2015 Authority) filed against: KGL Investment Company.
That is by "cautioning the Company of the necessity of keeping the documents which indicate any payments in the future".
This punishment is due to, the Company's violation of Articles (66/11) of Law No. 7 of 2010 on the Establishment of the Capital Markets Authority and its amendments. It abstained from submitting the documents and records to CMA’s inspection team which are related to the payment of KD90000 to the Company’s Board of Directors Chairman’s Office, by paying KD30000 each year from 2012 to 2014.
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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