The Capital Market Authority (CMA) announces the issuance of CMA Board resolutions regarding the Board of Directors of the National Agricultural Marketing Company “Thimar” for the Violation of the Companies Law, the Corporate Governance Regulations, the Rules on the Offer of Securities and Continuing Obligations, and the Listing Rules
Furthermore, the CMA would like to announce to all investors and participants in the capital market that a CMA Board resolution has been previously issued to file a lawsuit before the Committee for the Resolution of Securities Disputes against the chairman and each board member of the National Agricultural Marketing Company’s “Thimar” board of directors during the period from 08/09/2015 to 03/03/2020, to request convicting them of violating Article (44) of the Listing Rules and Article (66) of the Rules on the Offer of Securities and Continuing Obligations, and demand imposing fines on each one of them, preventing them from working in listed companies, and compensating persons who have suffered damages as a result of the violation committed. Where they did not exercise their powers and fulfill their duties in the interest of the company; and the litigation procedures are still in progress.
The Capital Market Authority calls upon all the boards of directors of listed companies to adhere to all of the board’s statutory duties and responsibilities. The Capital Market Authority also assures its devotion to apply the Capital Market Law and the Companies Law and their Implementing Regulations to enhance the protection of the capital market and the investors from unfair practices.