CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (45/2023) Disciplinary Board - (52/2023) Authority, and imposition of a fine against Palms Agro Production Company for violating the Listing Rules

Announcement regarding issuance of Disciplinary Board Resolution No. (45/2023) Disciplinary Board - (52/2023) Authority, and imposition of a fine against:
Palms Agro Production Company
For violating the Listing Rules.

For the following reasons:
Violation of the provision of Item (2) of Article (1-16-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. This is due to the Company’s failure to submit to the CMA copy of its annual financial statements for the financial year that ended on 31/12/2022 during the legally specified period that ends on 31/3/2023. The Company disclosed to the CMA on 8/4/2023 and did not disclose to the Exchange until 9/4/2023, which means that the two disclosures were not simultaneous and that they were conducted after the end of the legally specified period that ended on 31/3/2023.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Palms Agro Production Company in an amount of KWD 1,000 (one thousand Kuwaiti Dinars) for the attributed violation”.

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. 

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