Title: Announcement regarding issuance of Disciplinary Board Resolution No. (62/2024 Disciplinary Board) (80/2024 Authority) and imposition of a fine against Almadar Investment Company for violating the rules of Disclosure and Transparency

Announcement regarding issuance of Disciplinary Board Resolution No. (62/2024 Disciplinary Board) (80/2024 Authority) and imposition of a fine against Almadar Investment Company for violating the rules of Disclosure and Transparency

For the following reason:
Violation of the provision of Articles (4-1-1) Items 14,15 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 that the Company failed to disclose the ruling of the first degree labor court obligating the Company to pay an amount of 432,281.147 Kuwaiti dinars.

The Resolution included the infliction of the following penalty: -
“Levying a fine against Almadar Investment Company in an amount of KWD 2,000 (two 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.