‘Pay annual subscription by Thursday’
KUWAIT CITY, Feb 13: Non-compliance by the listed companies to pay the annual subscription by Thursday, will subject the companies to legal accountability according to the new mechanism which is based on the average daily trading value of the company’s shares, reports Al-Jarida daily quoting legal sources.
The violating companies will be referred to the disciplinary board as a last step after calculating a delay fee of 10 percent of the total amount of the subscription amount.
The sources said the Federation of Investment Companies and the Kuwait Insurance Federation had submitted to the Capital Markets Authority their objection to the new fees approved by it at the end of last December and had requested a meeting to discuss the possibility of amendments to the decision of the Stock Exchange Market to amend the annual subscription fees.
The companies have started to pay the annual subscription fees in compliance with the decisions issued by the concerned parties, pointing out that the stock exchange company had set a deadline of June 15 to pay the fees.
Sources pointed out that the regulatory authorities were forced to stop the companies from trading, because they did not pay the annual subscription fees. The disciplinary board issued a decision against them, which prompted the Stock Exchange Market to refer them to the prosecution for failing to implement the decision of the Disciplinary Board until such time as the said violation is rectified after fining the company KD 1,000