The Kuwait Capital Markets Authority issued a Disciplinary Board decision imposing a KD 15,000 financial penalty on a member of the Board of Directors of MENA Real Estate Company for breaches of the disclosure and transparency rules. The decision found that the board member purchased 550,000 shares on 4 and 5 February 2025 during the prohibited period for insiders linked to the company’s third-quarter 2024 financial statements, in breach of Module Ten (Disclosure and Transparency) of the Executive Bylaws to Law No. 7 of 2010, as amended. It also found late disclosure of the execution of a 4 February 2025 purchase of 450,000 shares, which was disclosed on 6 February 2025 at the end of the trading session at 11:44 am. The resolution also provided for notifying the CMA Board of Commissioners and the concerned parties.
Kuwait Capital Markets Authority 2025-07-07
Kuwait Capital Markets Authority fines MENA Real Estate board member KD 15,000 for insider blackout trading and late trade disclosure
The Kuwait Capital Markets Authority imposed a KD 15,000 penalty on a MENA Real Estate Company board member for violating disclosure and transparency rules. The violations involved purchasing shares during a prohibited period and late disclosure of a share purchase. The decision includes notifying the CMA Board of Commissioners and relevant parties.