Kuwait Capital Markets Authority’s Disciplinary Board issued a decision imposing financial penalties on Sultan Center for Foodstuffs Company, its chair and vice chair, three other board members, and its chief executive officer and chief financial officer for breaches of the Listing Rules and Corporate Governance Rules linked to the company’s financial statements for the year ended 31 December 2024. Under Disciplinary Board Resolution No. 34/2025 (Authority Resolution No. 31/2025), the Authority found the company breached Article (1-14) of Module Twelve (Listing Rules) of the Executive Bylaws to Law No. 7 of 2010 (as amended) by failing to ensure the accuracy and integrity of information disclosed ahead of the financial statements, and because the valuation report used was not based on sound foundations in assessing impairment. The chair, vice chair and three board members were found to have breached Item (5) of Article (3-7) of Module Fifteen (Corporate Governance) for not fulfilling their responsibilities to ensure accurate and integrity of disclosures, while the CEO and CFO breached Item (4) of Article (3-11) of Module Fifteen for similar failures. The penalties comprise a KD 10,000 fine for the company, KD 5,000 each for the chair, vice chair and three board members, and KD 8,000 each for the CEO and CFO.
Kuwait Capital Markets Authority 2025-11-10
Kuwait Capital Markets Authority imposes fines of up to KD 10,000 on Sultan Center for Foodstuffs, directors and executives for listing and governance breaches
The Kuwait Capital Markets Authority's Disciplinary Board fined Sultan Center for Foodstuffs Company and its executives for breaching Listing and Corporate Governance Rules related to the 2024 financial statements. They failed to ensure accurate disclosures and used an unsound valuation report. Penalties include KD 10,000 for the company, KD 5,000 for the chair, vice chair, and board members, and KD 8,000 for the CEO and CFO.