Title: Announcement regarding issuance of Disciplinary Board Resolution No. (15/2023) Disciplinary Board - (169,171/2022) Authority and imposition of a warning against Bayan Investment Holding Company for violating the Provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments

Announcement regarding issuance of Disciplinary Board Resolution No. (15/2023) Disciplinary Board - (169,171/2022) Authority and imposition of a warning against:
Bayan Investment Holding Company
For violating the provisions of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments.

For the following reasons: 
Provision of Article 139 of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its amendments which stipulates “A violation is any act which is not in accordance with the rules, regulations, decisions, or instructions issued by the Authority within the framework of this Law.” The Company overstepped the CMA’s instructions by not disclosing the Company’s disclosure form that was sent to Boursa Kuwait on 4/9/2022 due to its inclusion of misleading and inaccurate information, but it only disclosed CMA’s resolution of suspending trading on the Company’s share in Boursa Kuwait without mentioning the technical matters in which the Company’s opinion is different than the auditor’s opinion for the financial year that ended on 31/12/2021. The Company published a paid announcement on September 5, 2022 in two local newspapers which included the content of the mentioned violating disclosure.

The Resolution included the infliction of the following penalty: -
" Levying a warning on Bayan Investment Holding Company for the attributed.”

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 Laws 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.