CmaBoardReleases
Title: Resolution No. (27) of 2018 Regarding Restricting the Activity of Al-Fouz Investment Company and the Activity of the Board of Directors and CEO
Having Perused:
- Law No. (7) of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Executive Bylaws and their amendments;
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (6) of 2018 held on 14/2/2018.
The Following Was Resolved
Article (1): The Company is hereby restricted from practicing all activities that have been licensed by the Authority, provided that the Company continues to safeguard the clients' money until it is handed over to them or whoever is involved in keeping, managing or preserving them.
Article (2): The activities of the Board of Directors and CEO of the company are hereby restricted for the period from 1/9/2017 until 31/12/2017, so that their work is limited to the management of the company only, and they shall not be registered in any (new) position of the Registered Employment Positions, pending the conclusion of the Company's investigation.
Article (3): The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance, and it shall be published in the Official Gazette.
Mishaal M. Al-Usaimi
Issued on: 22/02/2018