CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (73/2021 Disciplinary Board) (60/2021 Authority) and imposition of the penalty of warning - against Munshaat Real Estate Projects Company for violating the rules Corporate Governance.
Announcement regarding issuance of Disciplinary Board Resolution No. (73/2021 Disciplinary Board) (60/2021 Authority) and imposition of the penalty of warning - against Munshaat Real Estate Projects Company for violating the rules Corporate Governance.
For the following reasons:
This is for violating the provisions of Item No. (7) of Article (5-6) of Chapter Five of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as follows:
a. The audit committee met with the internal auditor three times only during 2019.
b. The audit committee did not hold any meeting with the internal auditor during 2020.
The Resolution included the infliction of the following penalty: -
“Warning Munshaat Real Estate Projects Company to stop committing 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 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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