The Kuwait Capital Markets Authority issued a Disciplinary Board resolution imposing a KWD 5,000 financial penalty on Burgan Company for Well Drilling, Trading and Maintenance for breaching disclosure and transparency requirements by failing to disclose material litigation developments in a timely manner. The violation relates to Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws of Law No. 7 of 2010, as amended. The Authority found that the company did not disclose first-instance judgments issued on 27 March 2022 in two lawsuits, including rulings requiring payment of KWD 7,413,515 to the company and KWD 26,619,125.498 by the company, and did not disclose appeal judgments issued on 17 October 2023, including one that upheld the appealed judgment and another that cancelled the appealed judgment and dismissed the case. The company only disclosed the cassation judgment issued on 19 December 2024, which was published on Boursa Kuwait’s website on 22 December 2024 at 8:00 am.
Kuwait Capital Markets Authority 2025-06-23
Kuwait Capital Markets Authority disciplinary board fines Burgan Company KWD 5,000 for failing to disclose court rulings on time
The Kuwait Capital Markets Authority imposed a KWD 5,000 penalty on Burgan Company for Well Drilling, Trading and Maintenance for breaching disclosure and transparency requirements. The company failed to disclose material litigation developments, including first-instance and appeal judgments, in a timely manner, only disclosing the cassation judgment in December 2024. This violation pertains to Article (4-1-1) of Module Ten of the Executive Bylaws of Law No. 7 of 2010.