CMA LAW: The Capital Markets Authority Announces Filing a Report with the Prosecutor General Regarding the Occurrence of Crime

The Capital Markets Authority announces filing a report with the Prosecutor General on 1/12/2025 regarding the occurrence of the crimes stipulated in Article (118), (120), Item (2) of Article (126), and Item (3) of Article (127) of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments, in addition to violation Items (1 and 4) of Article (303) and Item (4) of Article (304) of Law No. 1 of 2016 on the Promulgation of the Companies Law, and Articles (235), (236), (257), and (259) of Law No. 16 of 1960 promulgating the Penal Code.

The defendants (listed company suspended from trading, related parties, and others) have deluded the shareholders and traders on the Company’s shares, provided the CMA with fake documents, and announced misleading and unreal financial statements that do not reflect the actual performance and financial position of the Company in a fair and sound manner, which directly affected the price of the Company’s share in Boursa Kuwait Securities Exchange and enabled them to achieve personal and illegal profits.
 

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