CMA committed to compliance, transparency in Kuwait’s financial markets

The Disciplinary Board of the Capital Markets Authority convened yesterday and issued several financial penalties against various companies and individuals for non-compliance and violations, reports Al-Jarida daily.

Nakheel Agricultural Production Company (Nakheel) was fined 2,000 dinars for failing to disclose on the Kuwait Stock Exchange the ruling of the Court of Appeal, resulting in financial impact non-disclosure.

Al-Taameer Real Estate Investment Company (Al-Taameer) was penalized 1,000 dinars for not complying with property evaluations listed under “Investment Properties” in its financial statements.

The Chairman of the Board of Directors of Salbukh Commercial Company (Salbukh) received a 1,000 dinar penalty for various infractions, including delayed disclosure of management changes and improper asset disposal and Al-Safat Investment Company (Al-Safat) was warned for repeated financial dealings that violated Islamic Sharia, resulting in a 10,000 dinar penalty.

Securities Group Company was fined 10,000 dinars for falling below the minimum eligible regulatory capital requirements while the KFIC Financial Brokerage Company received a 1,000 dinar penalty for an employee providing unauthorized advice to clients.

Giad Holding Company was fined 5,000 dinars for failure to disclose essential information regarding a shareholder meeting, resulting in trading suspension.

Gatehouse Capital, an economic and financial consulting company, faced a 7,000 dinar penalty for conducting subscription contracts before obtaining necessary licenses from the Capital Markets Authority and Azian Capital Company was fined 23,000 dinars for non-compliance with International Financial Reporting Standard No. 9 (IFRS 9), related to financial instruments.

These penalties reflect the Capital Markets Authority’s commitment to ensuring compliance and transparency within Kuwait’s financial markets.

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