CmaBoardReleases
Title: Announcement Regarding Issuance of Disciplinary Board Resolution No. (41/2021 Disciplinary Board) (30/2021 Authority) and imposition of a fine of four (4) thousand Dinars against Sharjah Cement and Industrial Development Company for violating Real Estate Assets Valuation.
Announcement Regarding Issuance of Disciplinary Board Resolution No. (41/2021 Disciplinary Board) (30/2021 Authority) and imposition of a fine of four (4) thousand Dinars against Sharjah Cement and Industrial Development Company for violating Real Estate Assets Valuation.
For the following reasons:
Provision of Paragraph (C) of Item (2) of Appendix No. (1) (Real Estate Assets Valuation) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The Company did not conduct a valuation by an external valuator of its foreign real estate assets listed under (property, machinery and equipment) in the financial statements for the financial year ending on December 31, 2019 with a total value of 210,026,000 UAE Dirhams (two hundred and ten million and twenty-six thousand UAE dirhams), which are as follows:-
1. A foreign real estate asset consisting of freehold property located in the United Arab Emirates - Sharjah with a value of 23,852,000 UAE Dirhams (twenty three million eight hundred fifty-two thousand UAE dirhams).
2. A foreign real estate asset consisting of a building located in the United Arab Emirates - Sharjah, with a value of 186,174,000 UAE Dirhams (one hundred and eighty-six million, one hundred and seventy-four thousand UAE dirhams).
The Resolution included the infliction of the following penalty: -
“The Company is fined an amount of four thousand Dinars for the attributed violations”.
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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