Title: Announcement regarding issuance of Disciplinary Board Resolution No. (13/2024 Disciplinary Board) (174/2023 Authority) and imposition of a fine against: Dalqan Real Estate Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (13/2024 Disciplinary Board) - (174/2023 Authority) and imposition of a fine against: Dalqan Real Estate Company for violating the rules of Disclosure and Transparency

For violating the following:
1) The provision of Items No. (26) and (27) of Article (4-1-1), and Item No. (9) of Appendix No. (9) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:

It was proven to the Authority the Company’s failure to disclose the invitation of some Board meetings and the results arising thereof, during which many matters were discussed and proposals and resolutions were approved.

2) The Provision of Article (4-2-1) of Module Ten (Disclosure and Transparency).

the following was proven to the Authority:

a) The Company’s delay in disclosing a number of material information.

b) The Company’s delay in disclosing its ownership of a number of properties.

The Resolution included the infliction of the following penalty: -

“First: Levying a warning against Dalqan Real Estate Company for the attributed violation with consideration that  it does not repeat it in the future.

Second: Levying a fine against the mentioned Company in the amount of KWD 5,000 (five thousand Dinars) for the second and third 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.