CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (28/2024 Disciplinary Board) (24/2023 Complaint) and imposition of a fine against National Cleaning Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (28/2024 Disciplinary Board) (24/2023 Complaint) and imposition of a fine against National Cleaning Company for violating the rules of Disclosure and Transparency

For the following reasons:
The Company violated the provisions of Items (14 and 15) of Article (4-1-1) of Module Ten (Disclosure and Transparency) where the National Cleaning Company was required to disclose the lawsuit filed against it by a company regarding the assignment of an expert to carry out the task included in the end of the lawsuit document. It should be noted that the lawsuit of the complaint was submitted as a result of a dispute between the subcontractor and the main contractor, which was clearly set forth in Item (15) of Article (4-1-1) of Chapter Four of Module Ten, and that the Company was required to disclose this dispute and the related lawsuit.

The Resolution included the infliction of the following penalty: -
"Levying a fine against the complainant National Cleaning Company in an amount of KWD 1000 (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 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.
 

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.