CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (9/2017 Disciplinary Board) (9/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 23/2/2017 on violation No. (9/2017 Disciplinary Board) (9/2017 Authority) filed against:
International Financial Advisors Company
The Company shall pay a fine of KWD 3000 for violating the regulations of disclosing material information.
This punishment is due to violating Articles (4-1-1) of Chapter Four (Disclosure of Martial Information) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company did not disclose selling IFA Hotels & Resorts Company which is a subsidiary company in a percentage of 100% of its share in subsidiary companies to a related party in the total of KWD 6,086,918 and achieving profit of KWD 4,466,125.
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.