The Kuwait Capital Markets Authority (CMA) issued a Disciplinary Board decision imposing a KWD 1,000 fine on ALAFCO Aviation Lease and Finance Company and issuing warnings to the company’s current and former board chair for breaches of the CMA’s disclosure and transparency and corporate governance requirements. ALAFCO was found to have violated Article 4-2-1 of Module Ten (Disclosure and Transparency) by delaying disclosure of material information concerning the signing of a termination contract for ALAFCO’s order registry on 14 November 2023, which was disclosed on 19 November 2023 at 1:29 PM, two business days late. The current and former board chair were found to have violated Articles 2-5 (item 6) and 3-8 of Module Fifteen (Corporate Governance) due to failures to provide the board of directors with meeting agendas at least three business days in advance for certain board meetings.
Kuwait Capital Markets Authority 2025-02-10
Kuwait Capital Markets Authority fines ALAFCO KWD 1,000 and warns current and former chair over disclosure and governance breaches
The Kuwait Capital Markets Authority fined ALAFCO Aviation Lease and Finance Company KWD 1,000 and issued warnings to its current and former board chair for breaching disclosure, transparency, and corporate governance requirements. ALAFCO delayed disclosing material information about a termination contract, violating Article 4-2-1 of Module Ten. The board chairs failed to provide meeting agendas in advance, breaching Articles 2-5 and 3-8 of Module 15.