CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (81/2023) Disciplinary Board - (88/2023) Authority, and imposition of a fine against each of: 1-Doha International for General Trading and Contracting Company, 2- Executive Director – Investment and Corporate Finance Division (Senior Executives) in KFIC Invest Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (81/2023) Disciplinary Board - (88/2023) Authority, and imposition of a fine against each of:

1- Doha International for General Trading and Contracting Company.
2- Executive Director – Investment and Corporate Finance Division (Senior Executives) in KFIC Invest Company

For violating the rules of Disclosure and Transparency.

For the following reasons:
1- Violation of the provision of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.
2- Violation of the provision of Item (2) of Article (3-6-1) of the same Module.

First: Doha International for General Trading and Contracting Company violated the following:
It was proven to the CMA that the Company failed to comply with the requirements of regulating the transactions of the insiders as a result of transferring the ownership of 100,000 shares of a company (it includes shares in a company within its financial position from “insider of a company”) to Doha International for General Trading and Contracting Company (insider) on November 1, 2021 without the Company’s disclosure in accordance with Appendix 6 “Corporate Insiders Disclosure Form after Dealing in Listed Company’s Shares or Parent Company’s Shares”. It also dealt during the dealing restriction period.

Second: Executive Director – Investment and Corporate Finance Division (Senior Executives) in KFIC Invest Company violated the following:
It was proven to the CMA that, as an insider of MENA Real Estate Company, he failed to comply with the requirements of regulating the transactions of the insiders as a result of transferring the ownership of 100,000 shares of Gulf Real Estate Development Company (it includes shares in a company within its financial position) to Doha International for General Trading and Contracting Company (insider and a subsidiary) on November 1, 2021 without his disclosure in accordance with Appendix 6 “Corporate Insiders Disclosure Form after Dealing in Listed Company’s Shares or Parent Company’s Shares”. He also dealt during the dealing restriction period.

The Resolution included the infliction of the following penalty: -
“Levying a fine against each of:
1- Doha International for General Trading and Contracting Company.
2- Executive Director – Investment and Corporate Finance Division (Senior Executives) in KFIC Invest Company
in an amount of KWD 10,000 (ten thousand Dinars) for each one of them for the violation attributed to them”.

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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