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Title: Announcement regarding issuance of Disciplinary Board Resolution No. (17/2022 Disciplinary Board) (149/2021 Authority) and imposition of a fine against Mr. Abdullatif Mohammed Al-Aiban (Grant Thornton Al Qatami, Al Aiban & Partners) in his capacity as the auditor of Kuwait Finance & Investment Company, for violating the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments.
Announcement regarding the issuance of Disciplinary Board Resolution No. (17/2022 Disciplinary Board) (149/2021 Authority) and imposition of a fine against Mr. Abdullatif Mohammed Al-Aiban (Grant Thornton Al Qatami, Al Aiban & Partners) in his capacity as the auditor of Kuwait Finance & Investment Company, for violating the provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments
For the following reasons:
Violation of the provision of Article (7-7), whereby the auditor was required to carry out the work assigned to him by ensuring the Company’s compliance with the rules and all the legal determinants and requirements contained in the law.
These two violations are procedural and not substantive.
The Resolution included the infliction of the following penalty: -
“Fining Mr. Abdullatif Mohammed Al-Aiban (Grant Thornton Al Qatami, Al Aiban & Partners) in his capacity as the auditor of Kuwait Finance & Investment Company one thousand dinars for the violation attributed to him”.
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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