The Kuwait Capital Markets Authority (CMA) has issued a Disciplinary Board resolution imposing financial penalties on Rasiyat Holding Company and its board members for violations of the Corporate Governance module of the CMA Executive Bylaws. Rasiyat Holding was fined KWD 1,000 for failing to present a CMA Disciplinary Board resolution dated 11 October 2022 to shareholders at the general assembly meeting for the financial year ended 31 December 2022, held on 3 April 2023. Separately, the chairman, vice chairman and other board members were each fined KWD 3,000 after the CMA found the board had approved a banking facilities contract and a joint guarantee for a subsidiary totalling KWD 8,000,000 to finance an acquisition of Rasiyat Holding shares, an arrangement the CMA deemed incompatible with restrictions in the company’s constitutional documents and governance policies.
Kuwait Capital Markets Authority 2025-01-13
Kuwait Capital Markets Authority fines Rasiyat Holding and directors for corporate governance breaches
The Kuwait Capital Markets Authority imposed financial penalties on Rasiyat Holding Company and its board members for breaching the Corporate Governance module of the CMA Executive Bylaws. Rasiyat Holding was fined KWD 1,000 for not presenting a CMA resolution to shareholders, while board members were fined KWD 3,000 each for approving a banking contract and joint guarantee deemed incompatible with governance policies.