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Resolutions and Circulars - CMA

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Title: Announcement regarding issuance of Disciplinary Board Resolution No. (02/2024 Disciplinary Board) (110-111/2024 Authority) and imposition of a fine against: 1- International Financial Advisors Holding Company (IFA), 2- Chairman of the Board of Directors (Formerly), 3- (2) Vice Chairmen of the Board of Directors (Formerly), 4- Member of the Board of Directors (3 Members), 5- Executive Vice President, 6- The Company’s Auditor, for violating the Rules of Listing and Corporate Governance.
Date Publish 19 May 2025


Announcement regarding issuance of Disciplinary Board Resolution No. (02/2024 Disciplinary Board) (110-111/2024 Authority) and imposition of a fine against: 1- International Financial Advisors Holding Company (IFA), 2- Chairman of the Board of Directors (Formerly), 3- (2) Vice Chairmen of the Board of Directors (Formerly), 4- Member of the Board of Directors (3 Members), 5- Executive Vice President, 6- The Company’s Auditor, for violating the Rules of Listing and Corporate Governance.

For the following reasons:
First: International Financial Advisors Holding Company (IFA) violated the provision of Article (1-14) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
This is due to the Company’s failure to implement the International Accounting Standard No. (9) of Financial Instruments, as it failed to build up provisions for financial dues on IFA Hotel and Resorts FZE Company (related party) in the amount of KWD 14,582,148 despite their maturity since 2015.

Second: Each of the following:
1. Chairman of the Board of Directors (Formerly).
2. Vice Chairman of the Board of Directors (Formerly).
3. Member of the Board of Directors (Formerly).
4. Member of the Board of Directors.
5. Member of the Board of Directors.

This is due to their violation of the provision of Item (5) of Article (3-7) of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010 and their amendments:
They failed to perform their regulatory role of ensuring the Company’s commitment to build up the aforementioned provisions through violating the requirements of IFRS 9.

Third: Executive Vice President of the Company violated the provision of Item (4) of Article (3-10) and Article (5-2) of Module Fifteen (Corporate Governance), as he did not perform the executive role assigned to him in ensuring compliance with IFRS 9.

Fourth: The Company’s Auditor violated the provisions of Item (7) of Article (3-4-4) and Article (3-4-5) of Module Five (Securities Activities and Registered Persons), as she failed to provide notices in her issued report regarding the Company’s non-compliance with building up the provisions required in IFRS 9, despite the clarity of the incident and its extension for several years.

The Resolution included the infliction of the following penalty: -
“First: Levying a fine on International Financial Advisors Holding Company (IFA) in an amount of KWD 10,000 (ten thousand Dinars) for the attributed violation.

Second: Levying a fine on each of the following:
1. Chairman of the Board of Directors of International Financial Advisors Holding Company (Formerly).
2. In his capacity as Vice Chairman of the Board of Directors of International Financial Advisors Holding Company (Formerly).
3. Member of the Board of Directors of International Financial Advisors Holding Company (Formerly).
4. Member of the Board of Directors of International Financial Advisors Holding Company.
5. Member of the Board of Directors of International Financial Advisors Holding Company.
6. Executive Vice President of Directors of International Financial Advisors Holding Company.
in an amount of KWD 5,000 (five thousand Dinars) on each one of them for the attributed violation.

Third: Levying a warning on the auditor of International Financial Advisors Holding Company for the attributed violation with consideration that she does not repeat it 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.

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.

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