CmaBoardReleases
Back to Search
Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (57/2017 Disciplinary Board) (142/2017 Authority)
Date Publish
05 October 2017
The Capital Markets Authority announces issuance of a Disciplinary Board Resolution passed in its meeting held on Thursday 05/10/2017 on violation No. (57/2017 Disciplinary Board) (142/2017 Authority) filed against:
Sultan Center Food Products Company
Sultan Center Food Products Company
The Company shall pay KWD 1000 monthly, starting from end of November 2017, in case it did not correct the violation. It did not establish a unit of risk management.
This punishment is due to violating the provision of Article (3-6) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. It did not include an independent unit of risk management in its organizational structure, which mainly measures, monitors and mitigates all types of risks which face the Company.
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.
Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.