Title: Announcement regarding the issuance of Disciplinary Board Resolution No. (02,03, and 04/2025) Boursa Grievances and imposition of a Suspension and a Warning against: 1- Sultan Mansour Al-Nassar, 2- KFIC Financial Brokerage Company, 3- Haifa Marei Trad for violating Boursa Kuwait Rulebook

Announcement regarding the issuance of Disciplinary Board Resolution No. (02,03, and 04/2025) Boursa Grievances and imposition of a Suspension and a Warning against: 1- Sultan Mansour Al-Nassar, 2- KFIC Financial Brokerage Company, 3- Haifa Marei Trad for violating Boursa Kuwait Rulebook

For the following reasons:

For violating two incidents, the first of which is that on 8/1/2024, the broker's representative at KFIC Financial Brokerage Company, Haifa Trad, used the username of the broker’s representative Sultan Al-Nassar in executing a transaction of the OTC Trading System to sell 213,500 shares of the client at the price of 9 Fils per share, which is less than the market price at the time of executing the transaction, and without knowledge of the client that owns the shares. The aforementioned employee purchased those shares, and the investigations conducted by the Securities Exchange revealed that the client did not issue an order to sell those shares. These investigations and videos provided by KFIC Financial Brokerage Company also proved that the transaction was executed through agreement and collusion between the employees (Haifa Trad, Moatasem Hassan, and Walid Al-Shafei) and the buyer of those shares, who was working in collusion with them, with the exception of the broker's representative, Sultan Al-Nassar. Additionally, it was proven that the aforementioned transaction was executed at 9 Fils per share, which is less than the offered price, as the buyer of those shares sold that quantity at the same time of purchase by four transactions, three of which at 17 Fils per share and one at 18 Fils per share, and made a profit of KWD 1,728. Furthermore, the investigations revealed a suspicion of forgery in simple documents, involving the forgery of the aforementioned client’s signature on the written sale order dated 08/01/ 2024.

The second incident is that on 28/03/2024, after the violators (Haifa Trad, Moatasem Al-Saidi, and Walid Al-Shafei) knowledge of the commencement of investigations regarding the first incident at the Securities Exchange’s legal sector, they agreed to attempt to recover the sold shares again by purchasing them from the market for the client’s benefit. Based on that agreement, the employee Moatasem Al-Saidi prepared a written order on the aforementioned date stating that the client had requested to purchase 87,000 shares, signed it and attributed it to the client, and delivered it to Haifa Trad, who used the username of the broker’s representative, Sultan Al-Nassar, to execute the transaction from the client’s own funds, in accordance with the statement of the employee Moatasem Hassan in the investigation conducted with him on 18/7/2024 after he was confronted with the videos provided by KFIC Financial Brokerage Company, which proves the existence of a suspicion of a crime of forgery in simple documents represented by forging the signature of the mentioned client on the aforementioned written order, and this was with the knowledge of both Haifa Trad, the executer of the transaction, and Walid Al-Shafei.

The decision included the infliction following penalties:

"First - Accept the three grievances in form.

Second -

1. With regards to grievance No. 4/2025 Grievances filed by the grievant Haifa Marai Trad: reject it and uphold the grieved decision, which included the penalty of a one-year work suspension.
2. With regards to grievances No. 2 and 3/2025 Grievances filed by Sultan Mansour Al-Nassar and KFIC Financial Brokerage Company: amend the grieved decision and be satisfied with a warning penalty, and warn them of the consequences of repeating their actions in the future."

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.