Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (35/2017 Disciplinary Board) (97/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 06/07/2017 on violation No. (35/2017 Disciplinary Board) (97/2017 Authority) filed against:
 
KUWAIT REMAL REAL ESTATE CO. 

“The Company shall pay a fine of KWD 5000 for violating the regulations of disclosing material information”. 

This punishment is due to the Company’s violation of Articles (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company did not promptly disclose the material information concerning the procedures taken by Burgan Bank for the Company’s announcement of the writ of execution (banking facilities) on 02/11/2016, pursuant to which the Bank has asked for the execution of the full value of the facilities which is KWD 36,500,000.
   
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.