CMA LAW: Announcement regarding issuance of Disciplinary Board Resolution No. (06/2026 Disciplinary Board) (04/2026 Authority) and imposition of a fine against: Mr. Abdullatif Mohammed Al-Aiban (Grant Thornton Al Qatami, Al Aiban & Partners) in his Capacity as the Company’s Auditor, for Violating the Rules of Securities Activities and Registered Persons

Announcement regarding issuance of Disciplinary Board Resolution No. (06/2026 Disciplinary Board) (04/2026 Authority) and imposition of a fine against: Mr. Abdullatif Mohammed Al-Aiban (Grant Thornton Al Qatami, Al Aiban & Partners) in his Capacity as a Company’s Auditor, for Violating the Rules of Securities Activities and Registered Persons

For the following reasons:
Violation of the provision of Item (7) of Article (3-4-4) and Article (3-4-5) of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws of Law No. 7 of 2010 and their amendments. The defendant did not provide any comments or reservations in his report on the financial statements for the period that ended on 30/9/2025, even though the Company did not implement the requirements of IFRS 9, represented by not allocating a provision for balance due by a related party in the amount of KWD 14,582,148 that was not paid since 2015, which violates his professional duties.

The Resolution included the infliction of the following penalty: -
" Levying a Fine on Mr. Abdullatif Mohammed Al-Aiban  in his capacity as a company’s auditor 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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