CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (27/2024 Disciplinary Board) (17/2024 Authority) and imposition of a warning against First Takaful Insurance Company for Violating the rules of Disclosure and Transparency.

Announcement regarding issuance of Disciplinary Board Resolution No. (27/2024 Disciplinary Board) (17/2024 Authority) and imposition of a warning against First Takaful Insurance Company for Violating the rules of Disclosure and Transparency.

For the following reasons:
This is due to the Company’s violation of 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 Company failed to disclose at Boursa Kuwait the resolution issued by Committee for Resolution of Securities Disputes and the final decision of the Appeal Committee for the Resolution of Securities Disputes at the Kingdom of Saudi Arabia based on the class action submitted by some of … Company’s shareholders, which resulted in the issuance of a resolution for some of … Company’s (Associate Company) Board Members and employees.

The Resolution included the infliction of the following penalty: -
"Levying a warning against First Takaful Insurance Company for the attributed violation and considering it non-repetition in the future.”

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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