CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (10/2018 Disciplinary Board) (23/2018 Authority)
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 22/3/2018 on violation No. (10/2018 Disciplinary Board) (23/2018 Authority) filed against:
1) Ibrahim Abdulrahman Al-Asfour
2) Abdulrahman Mohammad Ibrahim Al-Asfour
That is by First: " the violator shall pay a fine of 3000 KWD for each one for violating the regulations of Business Conduct.
Second: Force the violators jointly between them to refund the amount of (9300 Dinars) (Nine Thousand and Three Hundred Dinars) the value of the avoided loss”
This punishment is due to violating of the provisions of paragraph (C) of clause (1) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. As the last mentioned person has entered relatively large quantities of purchase orders to 13,300,000 shares at prices ranging from 163 fils to 159 fils and cancelling them to attract traders to the shares of Al Imtiaz Investment Group (ALIMTIAZ) on 8/1/2018 and creating a misleading impression of real existing purchase orders on the stock to enable the execution of sales transactions in favor of the trader on the amount of 7,045,673 shares at an average price of 163.32 fils avoiding a loss of 9,300 KWD.
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.