CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (79/2021 Disciplinary Board) (85/2021 Authority) and imposition of a fine of 20 thousand Dinars against Sultan Center Food Products Company for violating the rules of Disclosure and Transparency.
Announcement regarding issuance of Disciplinary Board Resolution No. (79/2021 Disciplinary Board) (85/2021 Authority) and imposition of a fine of 20 thousand Dinars against Sultan Center Food Products Company for violating the rules of Disclosure and Transparency.
For the following reasons:
For violating the following:
1) The provision of Article (1-3-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments:
It was proven to the Authority that on 10/6/2020 the Company held a meeting of the Company’s Board of Directors during the trading period, from 11:30 a.m. until 1:00 p.m., in violation of the provisions of Article (1-3-3) mentioned above.
2) The provision of Article (4-2-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. (7) of 2010 and their amendments:
It was proven to the Authority that the Company did not disclose in a timely manner the material information.
The Resolution included the infliction of the following penalty: -
“Sultan Center Food Products Company is fined an amount of ten thousand Dinars for each of the two violations attributed to it”.
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.