CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (74/2017 Disciplinary Board) (215/2017 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. (74/2017 Disciplinary Board) (215/2017 Authority) filed against:
Abyaar Real Estate Development (Abyaar)
“The Company shall pay a fine of KWD 1000 for delay in 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 Regarding the Establishment of the Capital Markets Authority. The Company did not promptly disclose the material information concerning Mr. Hussain Hassan Al-Basri letter of resignation who holds the position of CEO of Abyaar Real Estate Development Company was on 1/10/ 2017 while the acceptance of his resignation was disclosed on 17/10/2017.
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.