CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (71/2017 Disciplinary Board) (195/2017 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 04/01/2018 on violation No. (71/2017 Disciplinary Board) (195/2017 Authority) filed against:
Abdullah Mohammad Saleh Al-Humaydi
“The Violator shall pay a fine of KWD 5000 for the violations it committed, the fine shall be renewed monthly from 30/3/2018 until the violation is corrected by submitting the Mandatory Acquisition Offer for Real Estate Asset Management Company (REAM)”.
This punishment is due to the violation of the provisions of Article (74) of Law No. 7 of 2010 which is incriminated in Article (123) of the same law, also violating the provisions of articles (3-2-3), (3-5) of Module Nine (Mergers and Acquisitions) of the Executive Bylaws and Law No. 7 of 2010 and their amendments, for not submitting an Acquisition Offer Document for the remaining shares of Real Estate Asset Management Co. ( REAM), since acquiring directly or indirectly 33.63% from the same company’s capital on 20/04/2017, although he was notified on 23/8/2017 of the Board of Commissioners Resolution on 2/8/2017 regarding submitting the offer with the end of a 30 days period without disclosing this resolution or implementing it, moreover for not proceeding with the procedures of executing a Mandatory Acquisition Offer during thirty days of announcing the resolution by the Authority in the Securities Exchange’s website on 28/09/2017 which ended on 28/10/2017.
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.