The Kuwait Capital Markets Authority published a Disciplinary Board decision imposing a financial penalty on Independent Petroleum Group Company for breaching disclosure and transparency requirements by not disclosing the signing of several credit facilities contracts considered to affect the company. The breach relates to item (10) of Article (4-1-1) of Module Ten (Disclosure and Transparency) of the Executive Bylaws to Law No. 7 of 2010 (as amended). The notice lists seven undisclosed banking and credit facilities agreements and an addendum signed between 15 January 2023 and 2 September 2024, with facility amounts including up to USD 360 million and KWD 89.2 million, representing ratios to total assets ranging from 7.4% to 22.3% based on the referenced financial statement periods. The Disciplinary Board imposed a penalty of KWD 5,000.
Kuwait Capital Markets Authority 2025-07-07
Kuwait Capital Markets Authority fines Independent Petroleum Group Company KWD 5,000 for failing to disclose credit facilities agreements
The Kuwait Capital Markets Authority imposed a KWD 5,000 penalty on Independent Petroleum Group Company for failing to disclose several credit facilities contracts, breaching disclosure and transparency requirements. The undisclosed agreements, signed between January 2023 and September 2024, involved amounts up to USD 360 million and KWD 89.2 million, affecting asset ratios from 7.4% to 22.3%.