The Kuwait Capital Markets Authority issued a Disciplinary Board decision imposing a KD 3,000 financial penalty on Giad Holding Company for violating disclosure and transparency requirements relating to updates to its insiders list. The breach concerns Clause (2) of Article (3-5-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010, as amended. The authority found the company failed to disclose within five working days a change in persons familiar with the company and to update its insiders list accordingly, in connection with the company’s letters dated 30 October 2024 and 17 December 2024 and the Appendix (5) Insiders List Form. The company requested the removal of the board secretary from the insiders list with effect from 30 October 2024, but the authority’s register showed the individual was not included on the company’s insiders list, and the list was not updated within the required five working days.
Kuwait Capital Markets Authority 2025-06-23
Kuwait Capital Markets Authority fines Giad Holding KD 3,000 for breach of insiders list disclosure and transparency rules
The Kuwait Capital Markets Authority imposed a KD 3,000 penalty on Giad Holding Company for breaching disclosure and transparency requirements. The company failed to update its insiders list within five working days, as mandated by Clause (2) of Article (3-5-1) of Module Ten of the Executive Bylaws of Law No. 7 of 2010. The violation involved not disclosing changes related to the board secretary's status on the insiders list.