CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (88/2023 Disciplinary Board) - (135/2023 Authority) and imposition of a fine against Wethaq Takaful Insurance Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (88/2023 Disciplinary Board) - (135/2023 Authority) and imposition of a fine against Wethaq Takaful Insurance Company for violating the rules of Disclosure and Transparency.

For the following reasons:
Violation of the provision of Item (27) of Article (4-1-1) and Item (9) of Appendix 9 of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to disclose the results of its Board of Directors meeting held on 27/12/2022 which approved the Company’s work plan for the next 5 years. This included a significant effect for its inclusion of the Company’s plan to reduce its accumulated losses.
The Resolution included the infliction of the following penalty: -
“Levying a fine against Wethaq Takaful Insurance Company in the amount of KWD 3,000 (three 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 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.
 

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