• KUW CMA issued disciplinary board decision 125/2022 (100/2022 Authority) fining Kuwait Finance House executive, due to violation of disclosure and transparency rules.

Violations

• Mr Abdullah Mohammad Abdullah Abu Alhous, group chief operations officer, Kuwait Finance House, breached provision of Item (1), Article (3-4-1), Module Ten (Disclosure and Transparency) of Executive Bylaws of Law No. 7 of 2010, and their amendments.
• As an insider in KFH Group, and in capacity as group chief operations officer, he purchased 50,000 shares and 8200 shares on 24/4/2022 and 11/5/2022.
• Also in violation of Item (2), Article (3-6-1), Module Ten (disclosure and transparency).
• Proven that he did not disclose previously mentioned purchase transaction; and did not disclose purchase of 760000 shares on 19/5/2022 during legally specified period.

Penalty

• Fine of KWD 50000 (approx USD 163311) issued for the two attributed violations.