Title: Announcement regarding issuance of Disciplinary Board Resolution No. (118/2021 Disciplinary Board) (152/2021 Authority) and the imposition of a fine of 50 thousand Dinars against Ahmed Dawood Salman Al Sabah for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (118/2021 Disciplinary Board) (152/2021 Authority) and the imposition of a fine of 50 thousand Dinars against Ahmed Dawood Salman Al Sabah for violating the rules of Disclosure and Transparency.  

For violating the following:
1) Provision of Item (1) of Article (3-4-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and its amendments: 
2) Provision of Item (3) of Article (3-6-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and its amendments:
This is due to his selling an amount of 1,732,675 shares of Jiyad Holding Company as he held the position of a member of its Board of Directors during the ban on dealing with insiders periods (for the period from May 30, 2021 until August 19, 2021), without submitting a disclosure of these operations in accordance with Appendix (7) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

The Resolution included the infliction of the following penalty: -
“First: - Mr. Ahmed Dawood Salman Al Sabah is fined an amount of fifty thousand Dinars and is dismissed from his position.
Second: - Mr. Ahmed Dawood Salman Al Sabah is prevented from practicing any of the activities that shall be registered with the Authority for a period of three years from the date of the issuance of the Resolution”.

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.