Jordan Securities Commission Takes further Measures against Companies Failing to Submit their 2013 Semi-Annual Reports
28-Oct-2013
On October 23.2013 Jordan Securities Commission (JSC) Board of Commissioners chaired by HE Mr Mohammed Saleh Hourani stressed on traded companies failing to submit their 2013 Semi-Annual Reports to the Commission, to do so at maximum on November 7.2013. Otherwise, the Commission shall take further measures acceptable by the Securities Law to suspend their trading. These companies are:
1. Jordan Paper and Cardboard Factories.
2. Taameer Jordan (Holdings).
3. First National Vegetable Oil Industries.
It also decided to suspend the trading of Members of the Board of Directors, their representatives and the General and the Financial Managers each on his company’s shares, for failing to submit their 2013 Semi-Annual Reports until this date, were they trading for their own benefit or through non Public Shareholding Companies controlled by them on October 27.2013 until further notice. These companies are:
1. Jordan Petroleum Refinery.
2. Jordan Paper and Cardboard Factories.
3. Taameer Jordan (Holdings).
4. First National Vegetable Oil Industries.
The Commission stressed also that it is sufficient to send a warning notice to companies failing to submit their 2013 Semi-Annual Reports during the specified period of time in the legislations, since they have already submitted them to the Amman Stock Exchange (ASE) during this period of time. The violation shall be registered in the company’s record available at the Commission. These companies are:
1. Premier Business and Projects.
2. Travertine.
3. Almehanya for Real Estate Investments and Housing.
Furthermore, the Commission shall impose a JD (500) monetary fine on traded companies submitting their 2013 Semi-Annual Reports during the first week of the end of the specified period of time until August 7.2013 and JD (1000) monetary fine on those submitting their 2013 Semi-Annual Reports during the second week of the end of the specified period of time until August 14.2013 as well as a JD (2000) monetary fine on traded companies submitting their 2013 Semi-Annual Reports after the second week of the end of the specified period of time and prior to the decision of the Board of Commissioners to impose it.
The Commission shall impose a JD (4000) monetary fine on traded securities failing to submit their 2013 Semi-Annual Reports until the Board of Commissioners decision date to impose such fine. The amount of JD (250) shall be added on the imposed monetary fine on every committed violation during the previous three years and it shall be registered in the company’s record available at the Commission. The imposed fines on these companies are:
1. Jordan Petroleum Refinery JD (5500).
2. Jordan Emirates Insurance JD (1250).
3. Jordan Paper and Cardboard Factories JD (4500).
4. Taameer Jordan (Holdings) JD (5750).
5. International Cards JD (500).
6. Middle East Specialized Cables Company (Mesc-Jordan) JD (750).
7. Philadelphia Insurance JD (2750).
8. First National Vegetable Oil Industries JD (4750).
It shall also impose a JD (500) monetary fine on non traded companies failing to submit their 2013 Semi-Annual Reports to the Commission until this date. The violation shall be registered in the company’s record available at the Commission. These companies are:
1. Arab German Insurance.
2. Al Barakah Takaful.
3. Al Ahlia Enterprises.
4. United Arab Investors.
5. The Investors and Eastern Arab for Industrial and Real Estate Investments.
6. Arab Real Estate Development.
7. Amwal Invest.
8. Beit Al Mal Saving and Investment for Housing.
9. Awtad for Diversified Investments.
10. United Integrated for Multiple Industries and Public Investments.
11. Middle East Complex for Engineering Electronics and Heavy Industries.
12. Amana Agricultural and Industrial Investment.
13. Al-barakat Investment Group.
14. Afia Internatioal (Jordan).
15. Al Jamil for General Investments.
16. Alkindi Pharmaceutical Industries (Unlisted).
17. Aman for Securities (unlisted).
18. Ejada for Financial Investments.
19. Darwish Al- Khalili and Sons.
20. Model Restaurants.
21. International Ceramic Industries.
22. Darkom Investment.
Moreover, the Commission shall impose a JD (250) monetary fine on non traded companies submitting their 2013 Semi-Annual Reports after the end of the specified period of time in the Instructions to Disclosure. The violation shall be registered in the company’s record available at the Commission. These companies are:
1. Batelco Jordan.
2. United Group (Holdings).
3. Inwan Investment.
4. Arab Engineering Industries.
5. Al-ro’ayah for Investment (Unlisted).
6. Amwaj Properties.