Pursue Trade Suspension of United Group Holdings & Amwal Invest Companies until further Notice
25-Jul-2011
On July 18th .2011, Jordan Securities Commission Board of Commissioners decided to pursue trade suspension of United Group Holdings & Amwal Invest Companies until further Notice. Their decision was taken to fulfill the Commissions current investigations in possible violations of a number of Articles of the Securities Law particularly, the provisions of Article (107/A & D) related to submitting false or misleading data in any document filed with the Commission & any deception or misrepresentation relating to securities or any prohibited act relating to the licensed activities in accordance with the provisions of this Law. As well as, Article (108) related to trading in securities or influencing others to trade in such securities on the basis of inside information. Furthermore, the provisions of Article (109/A) related to effect any transaction in securities & finally, to fulfill the Commissions current investigations in possible violations of these two companies certified auditors or accountants, of the provisions of Article (107/C) related to certifying by an auditor or accountant of false or misleading financial statements or statements which are in violation of adopted accounting & auditing standards. In such case, the accountant or auditor, as the case may be, shall be liable for damages to any party suffering financial loss as a result of such false or misleading financial statements.