Title: Announcement regarding issuance of Disciplinary Board Resolution No. (78/2024 Disciplinary Board) (89/2024 Authority) and imposition of a fine against: Jiyad Holding Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (78/2024 Disciplinary Board) (89/2024 Authority) and imposition of a fine against: Jiyad Holding Company for violating the rules of Disclosure and Transparency

For the following reasons:
Violation of the provision of Article (4-6-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws. It was proven to the Authority after reviewing the completed disclosure of Jiyad Holding Company at Boursa Kuwait Securities Exchange on September 11, 2024, regarding enforcing the court judgments in favor of the Company with revenues in the amount of  KWD16,956,402 (Sixteen million nine hundred and fifty six thousand and four hundred and two Kuwaiti Dinars) plus achieving a profit per share equivalent to approximately 89.5 fils, after reviewing the aforementioned disclosure and the stated data, it was clear that the Company did not disclose the material information in a proper manner that expresses the truth and it did not include sufficient information and data regarding the enforcing court judgments in favor of the Company to show the impact of such  material information on a person which allows them to trace this material information, as the Company’s achieved revenues shown in the disclosure and the result of share profit is connected to the fulfillment of procedures to collect the amounts set out in the court judgments in its favor, and the success to collect the amounts, due to this it became clear that the disclosure of the Company was misleading, as it presented future expectations as certain events, and exaggerated the possibility of their occurrence.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Jiyad Holding Company in an amount of KWD 20,000 (twenty 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.