CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (55/2021 Disciplinary Board) (02/2021 Report) and imposition of a fine of four thousand Dinars against the Jiyad Holding Company for violating Disclosure and Transparency and Listing Rules
Announcement Regarding Issuance of Disciplinary Board Resolution No. (55/2021 Disciplinary Board) (02/2021 Report) and imposition of a fine of four thousand Dinars against the Jiyad Holding Company for violating Disclosure and Transparency and Listing Rules
For the following reasons:
- Violating the provision of Article (107) of Law No. (7) of 2010 and its amendments.
- The provision of Article (1-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
- The provision of Item (17) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
Where it was proven that the company had disclosed its purchase of Noor Integrated General Trading Company from a third party, as it was found that the selling party is the Public Services Company (an associate company of Jiyad Holding Company), which is considered to be a company related to Jiyad Holding Company.
- The provision of Article (1-13) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. (7) of 2010 and their amendments.
Where it was proven that the company did not disclose through the financial statements for the period ending on 31/03/2019 the acquisition of Noor Integrated General Trading Company from a related party, which is a violation of what was stipulated in paragraph (18) of International Accounting Standard No. (IAS 24).
The Resolution included the infliction of the following penalty: -
“The Jiyad Holding Company is fined an amount of one thousand Dinars for each of 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.