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Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (8/2018 Disciplinary Board) (19/2018 Authority
Date Publish
22 March 2018
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 22/3/2018 on violation No. (8/2018 Disciplinary Board) (19/2018 Authority) filed against:
Fahad Abdulmohsen Mohammad Almari
"The Violator will be fined KWD 3,000 for violating the rules of disclosure of interests”
This punishment is due to violating the following:
- The provisions of clause (101) of law No. 7 of 2010 and its amendments, and article (2-1-7) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of law No. 7 of 2010 and their amendments, for not complying with the disclosure of acquiring interest and entering the major shareholder’s list who own 5% or more of the capital of INOVEST according to what is set, where his collective ownership of the mentioned company reached 5.794% on 10/10/2017 through his ownership in Mechanism General Contracting Company LLC and direct individual ownership in his name that has not been disclosed.
- The provisions of Article (2-1-3) of Module 10 (Disclosure and Transparency) of the Executive Bylaws of law No.7 of 2010 and their amendments, for not complying with the disclosure of the change in collective ownership in INOVEST Company through his ownership in Mechanism General Trading Company LLC and direct individual ownership where he did not show in the submitted disclosure on 13/12/2017 where he disclosed the interests of 10.61% in INOVEST Company through ownership in Mechanism Company, it became clear to the Authority that he owned direct ownership in INOVEST Company of 1.769% and he was obliged to disclose the collective ownership of 12.379% of the mentioned company, taking into account that the Mechanism Company is no longer a subsidiary to him after the complete withdrawal of ownership on 25/12/2017 where it was still affiliated with him at the end of the disclosure period.
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