Kuwait Capital Markets Authority published a Disciplinary Board decision imposing financial penalties on Investors Group Holding Company, its chairman and vice chairman, three board members including the CEO, and the company’s external auditor for breaches of the Listing Rules, Corporate Governance rules, and requirements for securities activities and registered persons. The violations related to financial statements that did not apply International Financial Reporting Standard 10 (IFRS 10) on consolidated financial statements and to late filing of annual accounts with Boursa Kuwait and the CMA. The company was fined KD 10,000 for breaching listing-rule requirements on preparing financial statements, after the CMA concluded IFRS 10 was not applied for the periods ended 31 December 2020, 31 March 2021, 30 June 2021 and 30 September 2021, and KD 1,000 for failing to submit its financial statements for the year ended 31 December 2021 within the statutory 90-day period. The chairman, vice chairman and two board members were each fined KD 5,000, and a board member in his capacity as CEO was fined KD 10,000, for corporate governance breaches linked to approving the affected financial statements. The external auditor was fined KD 5,000 for audit-related breaches, including issuing a conservative opinion over more than 98% of total assets without sound grounds, an unclear conservative opinion concerning related-party debt settlement, and not raising reservations in interim reports about the IFRS 10 issue.

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