Title: Announcement regarding issuance of Disciplinary Board Resolution No. (52/2022 Disciplinary Board) (198-220/2021-05/2022 Authority) and imposition of a fine against each of: 1- Ahmad Jassim Al Gumar (Trading account No. 2132132), 2- Najat Abdulaziz Al Mutawa (Trading account No. 106701) for violating the rules of Market Conduct

Announcement regarding issuance of Disciplinary Board Resolution No. (52/2022 Disciplinary Board) (198-220/2021-05/2022 Authority) and imposition of a fine against each of: 1- Ahmad Jassim Al Gumar (Trading account No. 2132132), 2- Najat Abdulaziz Al Mutawa (Trading account No. 106701) for violating the rules of Market Conduct
For the following reasons:
First: Mr. Ahmad Jassim Al Gumar, Trading account No. (2132132), it was proven he violated the provision of pparagraph (c) of Item (1) and Item (3) and Item (6) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
Second: Mrs. Najat Abdulaziz Al Mutawa, Trading account No. (106701), it was proven she violated the provision of paragraph (c) of Item (1) of Article (3-5) of Module Fourteen (Market Conduct) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
It was proven that, while monitoring the trading session at Boursa Kuwait during the period between 22/6/2021 and 30/11/2021 by using one IP address conducted the following:
First: Dealings executed on the shares of a Company:
This is because during the period from 22/06/2021 to 11/30/2021, they traded the share in a manner that lead to misleading public traders, which resulted in the achievement of the trader/ Najat Abdulaziz Bader Al Mutawa through her electronic account (No. 106701) and the trader/ Ahmed Jassim Al Qumar through his trading account No. (2132132) of illegal gains, which was exploited by the trader / Najat Abdulaziz Al-Mutawa in the long term, which resulted in her making a profit as a result of these trades in the amount of 11,964 Kuwaiti Dinars (eleven thousand nine hundred and sixty-four Kuwaiti dinars only), according to the detail contained in the memorandum as a result of the investigation.
Second: The trades executed on the shares of a Company:
It was proven to the Authority, through the trading session dated 10/25/2021 on the shares of a Company the trader/ Ahmed Al-Qumar, through his trading account No. (2132132), that he executed intensive purchase deals on the stock for relatively large quantities exceeding 10 million shares of the Company’s shares, with an average price of 50 fils per share, as during the trading period, after the purchases that were made he sent a tweet through his personal account on the mean of social media “Twitter” (@aalgumar), about the Company’s share …...., where he benefited during the period from 25/10/2021 to 21/ 11/2021 to execute intensive sale deals for the entire quantity and his withdrawal from the list of major owners of the Company after that, with an average price of 77.4 fils per share, which resulted in the trader / Ahmed Al-Qumar gaining a profit in his favour, amounting to 285,639 Kuwaiti Dinars (two hundred and eighty-five thousand six hundred and thirty-nine Kuwaiti Dinars). And the trader / Najat Al-Mutawa gained a profit of 53,545 KD (fifty-three thousand five hundred and forty-five Kuwaiti dinars) as a result of those trades.
Third: The trades executed on the Company's shares:
Mr. Ahmed Al-Qumar, in two trading sessions on 2 and 3 /11/2021, through an electronic account No. (2132132), followed the misleading approach of influencing the stock’s order schedule by executing intensive purchase deals on Company shares for large amounts which reached 5% of the Company’s capital, which had an average price of 55.86 fils (purchase), as it was proven that these trades took place simultaneously and with the support of the account of the trader / Najat Abdulaziz Bader Al-Mutawa through the electronic trading service (trading number 106701) by executing buying and selling deals on Company shares during the same period with the aim of increasing the momentum on the trading of a share, as well as canceling a large number of purchase orders, then on 3/11/2021: executing massive selling deals for the purchased quantity on 2/11/2021 and his withdrawal from the list of major owners of the share with an average price of 88.5 fils per share, note that it was proven that while he was executing the sales deals, the trader/ Najat Abdul Aziz Bader Al-Mutawa, through her electronic trading account (trading number 106701), entered purchase orders for huge quantities (up to five million shares) and most of them are intended to be canceled, and that these orders have supported the record commands noticeably which contributed to misleading the public traders in order to increase the momentum on the trading of a share. Then, on 4/11/2021, Mr. Ahmed Al-Qumar sold the remaining quantity he had of shares at prices higher than the purchase price, which resulted in him gaining a profit in his favour, amounting to 234,156 Kuwaiti Dinars (two hundred and thirty-four thousand and one hundred and fifty-six Kuwaiti Dinars).
The Resolution included the infliction of the following penalty: -
“First: Mr. Ahmad Jassim Al Gumar, Trading account No. (2132132) at Watani Investment Company is fined an amount of fifty thousand Dinars for the first attributed violation, and he is prohibited from dealing in any security in the Exchange for a period of one year from the issuance date of the Resolution.

Second: Mr. Ahmad Jassim Al Gumar, Trading account No. (2132132) at Watani Investment Company is fined an amount of fifty thousand Dinars for the second attributed violation, he shall return the amount of 285.693 two hundred and eighty five thousand six hundred and ninety three Kuwaiti Dinars, and he is prohibited from dealing in any security in the Exchange for a period of one year from the issuance date of the Resolution, provided that the suspension period begins after the implementation of the suspension period in the first violation.
Third: Mr. Ahmad Jassim Al Gumar, Trading account No. (2132132) at Watani Investment Company is fined an amount of fifty thousand Dinars for the third attributed violation, he shall return the amount of 234.156 two hundred and thirty four thousand one hundred and fifty six Kuwaiti Dinars, and he is prohibited from dealing in any security in the Exchange for a period of one year from the issuance date of the Resolution, provided that the suspension period begins after the implementation of the suspension period in the second violation.
Fourth: Mrs. Najat Abdulaziz Al Mutawa- mother of the first violator, Trading account No. (106701) at Al-Waseet Financial Business Brokerage Company is fined an amount of fifty thousand Dinars for the first attributed violation, she shall return the amount of 11.964 eleven thousand nine hundred and sixty four Kuwaiti Dinars, and she is prohibited from dealing in any security in the Exchange for a period of one year from the issuance date of the Resolution.
Fifth: Mrs. Najat Abdulaziz Al Mutawa- mother of the first violator, Trading account No. (106701) at Al-Waseet Financial Business Brokerage Company is fined an amount of fifty thousand Dinars for the second attributed violation, she shall return the amount of 53.545 fifty three thousand five hundred and forty five Kuwaiti Dinars, and she is prohibited from dealing in any security in the Exchange for a period of one year from the issuance date of the Resolution, provided that the suspension period begins after the implementation of the suspension period in the first violation.
Sixth: Mrs. Najat Abdulaziz Al Mutawa- mother of the first violator, Trading account No. (106701) at Al-Waseet Financial Business Brokerage Company is fined an amount of fifty thousand Dinars for the third attributed violation, and she is prohibited from dealing in any security in the Exchange for a period of one year from the issuance date of the Resolution, provided that the suspension period begins after the implementation of the suspension period in the second 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 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.