Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (36/2017 Disciplinary Board) (98/2017 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. (36/2017 Disciplinary Board) (98/2017 Authority) filed against:
 
ASIYA CAPITAL INVESTMENTS COMPANY

That is by “warning the Company of the consequences of repeating the violation of the rules and procedures of delegations and authorities in the Company, and the regulations of material information”.   

This punishment is due to the following violations:
1) Provision of item (1) of Article (69) of Law No. 7 of 2010 and its amendments. The vice chairman of the Board of Directors of the Company has transferred on 01/11/2015 a total of USD 25 million for the purpose of investing in Trium Asiya Ucits ICAV Fund before obtaining the approval of the Board, which was obtained later on 21/12/2015.
2) Provision of item (3) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company did not disclose to the Authority and the Exchange about entering a new investment by incorporating Asiya Interlink Ap International Fund and Trium Asiya UCITS ICAV Fund, and not disclosing to the Authority about the change that happened through redeeming the units of Asiya Gateway Fund. 
3) Provision of Article (4-1-1) mentioned above. The Company did not disclose the following material information in a timely manner:
- Liquidation of ASIYA EQUITY FUND, which is 100% owned by ASIYA CAPITAL INVESTMENTS COMPANY and in a capital of KWD 5,460,363.
- ASIYA CAPITAL INVESTMENTS COMPANY investment of a total of KWD 8.8 million in Duet India Hotels (DIH).    

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.