The Kuwait Capital Markets Authority issued a Disciplinary Board decision imposing a KD 15,000 financial penalty on a member of the Board of Directors of MENA Real Estate Company for breaches of the disclosure and transparency rules. The decision found that the board member purchased 550,000 shares on 4 and 5 February 2025 during the prohibited period for insiders linked to the company’s third-quarter 2024 financial statements, in breach of Module Ten (Disclosure and Transparency) of the Executive Bylaws to Law No. 7 of 2010, as amended. It also found late disclosure of the execution of a 4 February 2025 purchase of 450,000 shares, which was disclosed on 6 February 2025 at the end of the trading session at 11:44 am. The resolution also provided for notifying the CMA Board of Commissioners and the concerned parties.
Kuwait Capital Markets Authority fines MENA Real Estate board member KD 15,000 for insider blackout trading and late trade disclosure
The Kuwait Capital Markets Authority imposed a KD 15,000 penalty on a MENA Real Estate Company board member for violating disclosure and transparency rules. The violations involved purchasing shares during a prohibited period and late disclosure of a share purchase. The decision includes notifying the CMA Board of Commissioners and relevant parties.