CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (40/2021 Disciplinary Board) (29/2021 Authority) and imposition of a fine of four (4) thousand Dinars against Abdulaziz Asaad Al-Sanad - Chairman of the Board of Directors of Gulf Investment House Company
Announcement Regarding Issuance of Disciplinary Board Resolution No. (40/2021 Disciplinary Board) (29/2021 Authority) and imposition of a fine of four (4) thousand Dinars against Abdulaziz Asaad Al-Sanad - Chairman of the Board of Directors of Gulf Investment House Company for violating the provision of Item (1) of Article (3-4-1) and Item (3) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.
For the following reasons:
1. The provision of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
2. The provision of Item (3) of Article (3-6-1) of the same Module mentioned above.
As he holds the position of Chairman of the Board of Directors of the Gulf Investment House Company, he sold 335,897 of the shares of the Gulf Investment House Company on January 5, 2021, during the period of prohibition of dealing relevant to the financial statements for the end of the financial year 2020, and his delay in disclosing that transaction until the date of January 10, 2021.
The Resolution included the infliction of the following penalty: -
“The violator is fined an amount of two thousand Dinars for each violation of the two 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.