The Kuwait Capital Markets Authority submitted a report to the Attorney General regarding an alleged offence under Item (2) of Article (127) of Law No. 7 of 2010 (as amended) after individuals failed to comply with a final Disciplinary Board decision requiring payment of a fine. The non-compliance concerns individuals described as a member of the Internal Audit Committee, a member and former chairman of the Risk Committee, and a former member of the Audit Committee of a company listed on Boursa Kuwait. The report relates to failure to implement the final decision imposing the fine under Resolution No. 76/2024 (Disciplinary Board) and No. 52/2024 (Authority), notwithstanding a legally valid notification dated 16 April 2025.
Kuwait Capital Markets Authority 2025-06-19
Kuwait Capital Markets Authority refers audit and risk committee members of a Boursa Kuwait listed company to the Attorney General for non-payment of a disciplinary fine
The Kuwait Capital Markets Authority reported to the Attorney General an alleged offence under Article 127 of Law No. 7 of 2010, involving non-compliance with a Disciplinary Board decision mandating a fine payment. The individuals involved include members of the Internal Audit and Risk Committees of a Boursa Kuwait-listed company. The report highlights failure to implement the decision despite a valid notification issued on 16 April 2025.