Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (40/2017 Disciplinary Board) (104/2017 Authority)

The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 03/08/2017 on violation No. (40/2017 Disciplinary Board) (104/2017 Authority) filed against:
 
Amwal International Investment Company

The Company shall pay a fine of KWD 3000 for violating the International Accounting Standards in preparing the financial statements.

This punishment is due to: not complying with the International Accounting Standards No. (IAS 39 paragraphs C46 and AG 80) in preparing the consolidated financial statements. The Company listed its investment in First Middle East Company (Emirates) using the cost, in spite of the availability of an audited budget for the year ending on 31/12/2015, in addition to the availability of a recent valuation for the real estate which represents 99.5% of First Middle East Company’s assets, violating the provision of Article (2-1-1) of Chapter Two (Reviewing  the  Accounts  of  Licensed  Persons,  the  Sharia  Supervisory  System for Persons Licensed to Operate in accordance with Islamic Sharia) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.  

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.