Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (42/2017 Disciplinary Board) (109/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 27/07/2017 on violation No. (42/2017 Disciplinary Board) (109/2017 Authority) filed against:
 
Al Madar Finance & Investment Company.

The Company shall pay KWD 3000 for not submitting two valuations for its real estates. 

This punishment is due to violating items (1/c) and (2/c) of Appendix (1) (Real Estate Asset Valuation) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. (7) of 2010 and their amendments, for the following:  
1. The real estate located in the State of Kuwait:
The Company did not submit two valuations performed by two entities, at least, which are specialized and licensed to practice real estate valuation; one of which shall be a Kuwaiti bank. The Company submitted one valuation performed by Al-Jal Real Estate Services Company, without a valuation from a Kuwaiti bank, which violates the provisions of item (1/c) mentioned above.
2. The real estate located in the United Arab Emirates:

The Company did not submit two valuations for the mentioned real estate performed by two entities, at least, which are specialized and licensed to practice real estate valuation in the United Arab Emirates. The Company submitted one valuation only performed by First Royal Gate Company, which violates the provisions of item (2/c) mentioned above.      

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.