CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (37/2021 Disciplinary Board) (32/2021 Authority) and imposition of a fine of two thousand Dinars against Ahmed Mohammed Al-Rasheed - PricewaterhouseCoopers (Al-Shatti & Co) office in his capacity as the auditor of Palms Agro Production Company for violating (Securities Activities and Registered Persons).
Announcement Regarding Issuance of Disciplinary Board Resolution No. (37/2021 Disciplinary Board) (32/2021 Authority) and imposition of a fine of two thousand Dinars against Ahmed Mohammed Al-Rasheed - PricewaterhouseCoopers (Al-Shatti & Co) office in his capacity as the auditor of Palms Agro Production Company for violating (Securities Activities and Registered Persons).
For the following reasons:
Violating the provision of Article (3-4-5) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, for not qualifying his opinion on the Company’s violation of not valuing the property located in Abu Halifa in the State of Kuwait for a total value of KWD 143,034 (one hundred and forty-three thousand and thirty-four Kuwaiti Dinars), and its failure to include the value of a building and land separately in the Company’s financial statements for the financial year ending on December 31, 2019 and the interim financial statements ending on June 30, 2020, in violation of the requirements of paragraph (58) of International Financial Reporting Standard No. (16).
The Resolution included the infliction of the following penalty: -
Mr. Ahmed Mohammed Al-Rasheed - PricewaterhouseCoopers (Al-Shatti & Co.) office, in his capacity as the auditor of Palms Agro Production Company, a total of two thousand Dinars for the attributed 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.