CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (89/2021 Disciplinary Board) (101/2021 Authority) and imposition of a fine of 2 thousand Dinars against Al Massaleh Real Estate Company for violating the rules of Real Estate Assets Valuation.
Announcement regarding issuance of Disciplinary Board Resolution No. (89/2021 Disciplinary Board) (101/2021 Authority) and imposition of a fine of 2 thousand Dinars against Al Massaleh Real Estate Company for violating the rules of Real Estate Assets Valuation.
For the following reasons:
This is for violating the provision of Item (7) of Appendix (1) (Real Estate Assets Valuation) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It was proven to the Authority by reviewing the financial statements of Al Massaleh Real Estate Company for the financial year ending on 31/12/2020, that the valuation of the property located in the Republic of Malta and listed under (land and real estate held for development) at a value of KWD 16,795,035 (sixteen million seven hundred and ninety-five thousand and thirty-five Kuwaiti Dinars only) did not include the valuation mechanism adopted and the assumptions on which it was built.
The Resolution included the infliction of the following penalty: -
“Al Massaleh Real Estate Company is fined an amount of two thousand Kuwaiti 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.