CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (46/2025 Disciplinary Board) (89/2025 Authority) and imposition of a fine against: KPMG Advisory Company, for Violating the Rules of Conduct of Business

Announcement regarding issuance of Disciplinary Board Resolution No. (46/2025 Disciplinary Board) (89/2025 Authority) and imposition of a fine against: KPMG Advisory Company, for Violating the Rules of Conduct of Business

For the following reasons:
Violation of the provision of Article 8-4 of Item 4 of Module Eight (Conduct of Business) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as a licensed person to practice the activity of an investment advisor, it violated the aforementioned article when conducting the valuation reports and the study of impairment in value related to the financial statements of a company for the financial year ending on 31/12/2024, as it was proven that it did not comply with the requirements of International Accounting Standard No. (36) regarding the impairment of value, and International Financial Reporting Standard No. (13) regarding the measurement of fair value.

The Resolution included the infliction of the following penalty: -
" Levying a Fine on KPMG Advisory Company in the amount of KWD 10,000 (ten 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.

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