CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (20/2026 Disciplinary Board) (24/2026 Authority) and imposition of a fine against: Ahmed Rajab Khudair Saleh for violating the Rules of Market Conduct

Announcement regarding issuance of Disciplinary Board Resolution No. (20/2026 Disciplinary Board) (24/2026 Authority) and imposition of a fine against: Ahmed Rajab Khudair Saleh for violating the Rules of Market Conduct

For the following reasons:

Violation of the provision of Paragraph (c) of Item (1), Item (2), and Paragraphs (a) and (b) of Item (7) 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 to the CMA through the examination and follow-up of trading on the share of a company during the trading session held on 08/02/2026 at Boursa Kuwait, that Mr. Ahmed Rajab Khudair Saleh, through his electronic trading account, has affected a company’s order book by adopting a wrongful approach, as he entered several purchase orders in relatively large quantities and in prices less than the prevailing market price, and then executed purchase transactions in relatively large quantities at escalating prices that created a false impression of momentum on the purchase order register for the purpose of stabilizing the share price, which led to increasing the share price in illegal method. Furthermore, he took advantage of the alignment of his aforementioned transactions with cancelling several purchase orders on the share in relatively large quantities, most of which were not executed.

Moreover, he divided these orders, which led to delivering a misleading image on the existence of several orders from traders to purchase the share in several price levels. Such violating transactions were executed by him on a company share during the trading session on 08/02/2026.

This led to attracting the public market traders to purchase the security and increased the momentum on the share. As a result, he achieved a profit amounting to KWD 7,969.304 (seven thousand, nine hundred and sixty-nine Kuwaiti Dinars and three hundred and four Fils only) from selling the quantity of shares that he planned to sell which amounted to (5,025,257 shares) at the best prices, exploiting the prices he created after attracting the public traders to deal on the share in accordance with the artificial prices.

The Resolution included the infliction of the following penalty: -
“First: Levying a fine on Ahmed Rajab Khudair Saleh in an amount of KWD 50,000 (fifty thousand Dinars) for the attributed violation.

Second: Requiring the aforementioned to pay the amount of KWD 15,938.608 (fifteen thousand, nine hundred and thirty-eight Kuwaiti Dinars and six hundred and eight Fils), double the value of profit he made as a result of the 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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