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CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (98/2023 Disciplinary Board) (153 /2023 Authority) and imposition of a fine against Burgan Company for Well Drilling for violating the rules of Disclosure and Transparency
Date Publish
11 July 2024
Announcement regarding issuance of Disciplinary Board Resolution No. (98/2023 Disciplinary Board) (153 /2023 Authority) and imposition of a fine against Burgan Company for Well Drilling for violating the rules of Disclosure and Transparency
For the following reasons:
Violating the Provision of Article (1-3-3) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, due to the Company holding a board of directors meeting during the trading period on 13/11/2023 at precisely eleven o’clock in the morning at the Company’s headquarters.
The Resolution included the infliction of the following penalty: -
“First: Levying a fine against Burgan Company for Well Drilling in the amount of KWD 1,000 (one thousand 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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