Kuwait … disciplinary decisions against two companies and obligating them to...

Kuwait … disciplinary decisions against two companies and obligating them to...
Kuwait … disciplinary decisions against two companies and obligating them to...

Capital Markets Authority issued in Kuwait A disciplinary decision against the two companies (Reem Real Estate and Al Mal Investment) and some of their officials and external account auditors, to dismiss a number of officials in the two companies and obligate them to return an amount of 8 million dinars (more than 26 million dollars) for committing violations and transferring assets in violation of the law.

According to local media, the strict disciplinary decision was issued against the two companies and their officials for violating provisions of the executive regulations of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority.

The decision included alerting the two companies to the necessity to abide by the law in the future, and to fine the auditors of the two companies’ accounts (10,000 dinars) for each of them for the violations they were charged with.

The decision stipulated that six officials in the two companies would be fined fifty thousand dinars for each one of them, their dismissal from the two companies ’board of directors and their executive management, canceling their registration from the register of jobs registered in the authority, and stopping them from dealing in securities or the stock exchange, directly or indirectly, through companies owned by them for a period. 5 years.

The decision also included prohibiting the six officials from exercising the right to vote in the two companies for a period of three years, and obliging them to jointly return an amount of 8 million dinars.

The Commission’s Disciplinary Board estimated an amount of five thousand dinars for each member of the delegating committee to spend from the deposited amount as an expert’s trust, provided that all violators are bound jointly with it.

Sources told the Kuwaiti newspaper, Al-Jarida: “There are companies that refrained from sending reports and required documents requested by the Capital Markets Authority regarding verification of some of the violations that have been committed, and other companies are late in disclosing financial data, and asset discharging operations that took place in the interest of specific shareholders, after they were completed. Control of the Board of Directors ”.

The sources emphasized the need to punish the boards of directors of companies and to intensify the punishment for their members in the event of any violation or excesses.

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