CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (37/2022 Disciplinary Board) (31/2022 Authority) and imposition of a fine against: Gold Island Real Estate Company for violating the rules of Disclosure and Transparency

Announcement regarding the issuance of Disciplinary Board Resolution No. (37/2022 Disciplinary Board) (31/2022 Authority) and imposition of a fine against: Gold Island Real Estate Company for violating the rules of Disclosure and Transparency. 

For its violation of the following:

First: Provision of Article (102) of Law No. 7 of 2010 and its amendments:

Second: Provision of Article (2-1-7) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

Third: Provision of Article (2-1-8) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

- The Company failed to promptly disclose the change in the objective of ownership and its exit from the list of major shareholders which own 5% or more of the Company's capital.

- Additionally, the Company failed to comply with the disclosure requirements to the CMA when a change in its ownership exceeded 0.5% of a Company’s capital, as its ownership percentage in the aforementioned Company’s capital changed from 40.553% to 0% as on 29/07/2021, and it did not disclose to the CMA the change of interest until October 6, 2021, i.e. after the expiry of the legally specified period. 

The Resolution included the infliction of the following penalty: -
“Gold Island Real Estate Company is fined an amount of five 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 Laws 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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