CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (06/2024 Disciplinary Board) - (149 and 162/2023 Authority) and imposition of a fine against: Gulf Petroleum Investment Company (PetroGulf) for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (06/2024 Disciplinary Board) - (149 and 162/2023 Authority) and imposition of a fine against: Gulf Petroleum Investment Company (PetroGulf) for violating the rules of Disclosure and Transparency

For the following reasons:
 

The Company violated the provision of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, the following was conclusively proven to the CMA:

1- The Company’s failure to disclose to the Boursa Kuwait Securities Exchange the developments related to its failure to collect the revenues from leasing 2 rigs, which were disclosed on March 17, 2022 and April 3, 2022.

2- The Company’s failure to disclose to the Boursa Kuwait Securities Exchange the complete dispute between the Company and a company related to the claim for the amounts due and the delivery of the rigs PR4 and PR3.

The Resolution included the infliction of the following penalty: -

“Levying a fine against Gulf Petroleum Investment Company (PetroGulf) in the amount of KWD 5,000 (five thousand Dinars) for each of 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 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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