CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (76/2021 Disciplinary Board) (61/2021 Authority) and imposition of a fine of 20 thousand Dinars against Al Bareeq Holding Company for violating the rules of Disclosure and Transparency.
Announcement regarding issuance of Disciplinary Board Resolution No. (76/2021 Disciplinary Board) (61/2021 Authority) and imposition of a fine of 20 thousand Dinars against Al Bareeq Holding Company for violating the rules of Disclosure and Transparency.
For the following reasons:
This is due to the Company’s failure to disclose the material information related to the exit from one of its subsidiaries, according to the mechanism mentioned in the provisions of Article (4-6) of the Module Ten mentioned above. The Company disclosed the exit from one of its subsidiaries "Tadowl Global for Sell and Purchase of Shares & Bonds" by selling its entire share to a foreign party for the amount of KWD 11,050,000 (eleven million and fifty thousand Kuwaiti Dinars), achieving a profit of KWD 498,500 (four hundred and ninety-eight thousand and five hundred Kuwaiti Dinars), while it was found by reading the relevant promissory note that the amount of the deal is KWD 14,253,765 (fourteen million two hundred fifty-three thousand seven hundred and sixty-five Kuwaiti Dinars). This differs from the number mentioned by the Company in its disclosure on 3/3/2020, which is considered a misleading disclosure and does not express the truth.
The Resolution included the infliction of the following penalty: -
“Al Bareeq Holding Company is fined an of amount of twenty 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 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.