CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (17/2023) Disciplinary Board - (129/2022) Authority and imposition of a fine and a warning against each of: 1- Dimah Capital Investment Company, 2- Members of the Company’s Internal Audit Committee, 3- Abdullatif Mohammed Al-Aiban in his capacity as the External Auditor of Dimah Capital Investment Company for violating the Rules of Corporate Governance and the Provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their Amendments

Announcement regarding issuance of Disciplinary Board Resolution No. (17/2023) Disciplinary Board - (129/2022) Authority and imposition of a fine and a warning against each of:

1- Dimah Capital Investment Company.
2- Members of the Company’s Internal Audit Committee.
3- Abdullatif Mohammed Al-Aiban in his capacity as the External Auditor of Dimah Capital Investment Company.

For violating the Rules of Corporate Governance and the Provisions of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments

For the following reasons: 
Violation of provisions of Items (1), (5), and (8) of Article (2-3), Article (3-5), Item (5) of Article (3-6), Items (1), (2), (3), and (4) of Article (3-8), Article (3-16), Item (2) of Article (3-18), Item (2) of Article (3-19), Article (3-20), Article (4-1), Article (6-1), Article (7-1) Article (7-8), Article (7-9), and Article (7-7) of Module Sixteen of the Executive Bylaws of Law No. 7 of 2010 and their amendments.
Provision of Item (11) of Article (5-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments.

Noting that the violations of provisions of Module Sixteen are procedural and not substantive.

The Resolution included the infliction of the following penalty: -
"First: - Levying a fine on Dimah Capital Investment Company in an amount of KWD 10000 (ten thousand Kuwaiti Dinars) for the attributed violations due to correlation.

Second: - Levying a warning on each of the Members of the mentioned Company’s Internal Audit Committee.

Third: - Levying a fine on Abdullatif Mohammed Al-Aiban in his capacity as the External Auditor of Dimah Capital Investment Company in an amount of 2000 (two thousand Dinars) for the attributed violations”

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.

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