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Title: Announcement regarding issuance of Disciplinary Board Resolution No. (16/2025 Disciplinary Board) (22/2025 Authority) and imposition of a fine against: Independent Petroleum Group Company for violating the Rules of Disclosure and Transparency
Date Publish
07 July 2025
Announcement regarding issuance of Disciplinary Board Resolution No. (16/2025 Disciplinary Board) (22/2025 Authority) and imposition of a fine against: Independent Petroleum Group Company for violating the Rules of Disclosure and Transparency.
This is due to violating the provision of Item (10) 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 did not disclose signing several credit facilities contracts that affected the Company, as set out in the following table:
|
Sr. |
Material Information |
Date of Signing the Contract |
Contact Amount |
Percentage of the Fund Value to the Total Assets |
According to the Financial Statements for the Period the Ended on |
|
1 |
Signing contract of banking facilities |
02/09/2024 |
$ 120,000,000 = KWD 36,648,000 |
7.4 % |
31/12/2023 |
|
2 |
Signing contract of opening correspondent banking by granting banking facilities |
14/08/2024 |
$ 360,000,000 = KWD 110,196,000 |
22.3 % |
31/12/2023 |
|
3 |
Signing contract of banking facilities |
10/06/2024 |
KWD 89,200,000 |
18 % |
31/12/2023 |
|
4 |
Signing contract of banking facilities |
14/02/2024 |
$ 300,000,000 = KWD 92,490,000 |
18.7 % |
31/12/2023 |
|
5 |
Signing contract of credit facilities agreement |
05/12/2023 |
$ 130,000,000 = KWD 40,160,000 |
9.1 % |
31/12/2022 |
|
6 |
Signing an annexure contract to contract of banking facilities |
05/06/2023 |
KWD 58,650,000 |
13.3 % |
31/12/2022 |
|
7 |
Signing credit limit agreement |
15/01/2023 |
$ 170,000,000 = KWD 51,884,000 |
11.8% |
31/12/2022 |
The Resolution included the infliction of the following penalty: -
“Levying a fine on Independent Petroleum Group Company in the amount of KWD 5,000 (five 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.
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