CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (84/2023 Disciplinary Board) (127/2023 Authority) and imposition of a fine against: Gulf Petroleum Investment Company for violating the Listing Rules

Announcement regarding issuance of Disciplinary Board Resolution No. (84/2023 Disciplinary Board) (127/2023 Authority) and imposition of a fine against: Gulf Petroleum Investment Company for violating the Listing Rules

For the following reasons: 
This is due to the Company’s violation of Item (1) of Article (1-16-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments. The Company failed to submit to the CMA copy of its periodical financial statements for the financial period that ended on 30/06/2023 within forty-five days from the end date of the period for which the statement is prepared with regard to the periodical financial statements, which ended on 14/08/2023, but it delayed in submitting them until 07/09/2023.

The Resolution included the infliction of the following penalty: -
" Levying a financial fine against Gulf Petroleum Investment Company in an amount of 1,000 KD (one thousand Dinars) for the attributed violation”. 

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 Laws 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.

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