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Title: Announcement Regarding Issuance of Disciplinary Board Resolution
Date Publish
04 January 2016
Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 31/12/2015 on violation No. (60/2015 Disciplinary Board) (120/2015 Authority) filed against: Kuwait & Gulf Link Transport Co.
That is by "warning the Company of the consequences of repeating the violation of CMA’s regulations on material information".
This punishment is due to, the Company's violation of items (3,4,6,9) of CMA’s Regulations No. (C.M.A/S.S/2/2012) (canceled) which corresponds to Articles (4-1-1-22) (4-2-1), (4-4-1), (4-6-3) of Module Ten (Disclosure and Transparency) of Chapter Four (Disclosure of Material Information) for not disclosing the material information of its associate company on not renewing its registration as contractor of handling containers in Port of Shuaiba, in spite of informing the associate company of the same on 2/8/2015. Additionally, it did not immediately comment on the news that were published in a daily newspaper on 22/9/2015, and its disclosures dated 29 and 30/9/2015 had contradicting information. It denied in the first and affirmed in the second. It also included false information which negates any impact on its financial position.
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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