The Kuwait Capital Markets Authority issued a Disciplinary Board decision imposing financial penalties on Kuwait and Gulf Link Transport Company, its chairman, vice chairman, three former board members, and its chief financial officer for breaches of the listing and corporate governance rules. The case relates to non-compliance with IFRS 13 Fair Value Measurement requirements (paragraphs 22 and 36) in preparing an impairment testing valuation document for an associate company, where the company failed to produce an accurate valuation reflecting the fair value of the associate’s real estate asset. The Disciplinary Board imposed a fine of KD 10,000 on the company and KD 5,000 each on the chairman, vice chairman, the three former board members, and the chief financial officer.
Kuwait Capital Markets Authority 2025-07-07
Kuwait Capital Markets Authority fines Kuwait and Gulf Link Transport Company and board members for IFRS 13 fair value and governance breaches
The Kuwait Capital Markets Authority's Disciplinary Board fined Kuwait and Gulf Link Transport Company and several executives for breaching listing and corporate governance rules. The violations involved non-compliance with IFRS 13 Fair Value Measurement in an impairment testing valuation document. The company was fined KD 10,000, and individual fines of KD 5,000 were imposed on the chairman, vice chairman, three former board members, and the CFO.