CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (32/2021 Disciplinary Board) (09/2021 Authority) and imposition of a fine of five (5) thousand Dinars against Fujairah Cement Industries Company for its violation by not providing the Authority with the requirements for studying the financial statements.
Announcement Regarding Issuance of Disciplinary Board Resolution No. (32/2021 Disciplinary Board) (09/2021 Authority) and imposition of a fine of five (5) thousand Dinars against Fujairah Cement Industries Company for its violation by not providing the Authority with the requirements for studying the financial statements.
For the following reasons:
Violating the provisions of Article (1-1) of Module Three (Enforcement of the Law) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, due to its non-compliance with providing the Authority with its requests related to the requirements for studying the financial statements for the year ended on December 31, 2019, which consisted of inquiries on details and assessments for lands and buildings with a value of 114,434,624 UAE Dirhams (one hundred and fourteen million four hundred and thirty-four thousand six hundred and twenty-four UAE Dirhams) included in the item (Property and Equipment), where the aforementioned requirements have not been completed by the Company and it has not responded to the Authority’s inquiries to date.
The Resolution included the infliction of the following penalty: -
“The Company is fined an amount of five thousand Dinars for 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 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