Title: Announcement regarding issuance of Disciplinary Board Resolution No. (86/2024 Disciplinary Board) (14/2024 Complaint) and imposition of a fine against: Chairman of the Board of Directors of Integrated Holding Company (formerly) – and a current Member of the Board of Directors, for violating the Rules of Disclosure and Transparency.

Announcement regarding issuance of Disciplinary Board Resolution No. (86/2024 Disciplinary Board) (14/2024 Complaint) and imposition of a fine against: Chairman of the Board of Directors of Integrated Holding Company (formerly) – and a current Member of the Board of Directors, for violating the Rules of Disclosure and Transparency.

For the following reasons:
The complainants have submitted a complaint against the defendant stating that they were surprised by the issuance of disclosures by Boursa Kuwait Securities Exchange by the defendant on his ownership of shares in a bank and Integrated Holding Company, which are both listed in Boursa Kuwait Securities Exchange. Those disclosures do not reflect his real ownership percentage in those shares, as the quantity of shares in those two companies are set and registered in the shares of a company, that is a limited liability company in which the defendant owns 98% of the shares. Then, this ownership decreased to 1% without a statement or a clear disclosure, as the defendant was supposed to disclose his renouncement of his shares in a company. As such, the defendant has violated the rules of Disclosure and Transparency stipulated in the Executive Bylaws of the Capital Markets Authority’s Law.

The Resolution included the infliction of the following penalty: -
“Levying a fine on the defendant in an amount of KWD 1,000 (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.