Boards Decision regarding United Holding
24-Jul-2011
The Board of Commissioners decided the following:
In accordance with the attached letter to this decision & after reviewing the submitted complain by a group of shareholders against United Group Holdings Company, the Company General Controller must be addressed to provide him with the outcomes.
In accordance with the attached letter to this decision & after reviewing the submitted complain by a group of shareholders against United Group Holdings Company, the Anti Corruption Commission request to be provided with the outcomes must be met.
Notices must be forwarded for hearings by virtue of the provisions of Article (21/A) of the Securities Law for each of the following:
A) People & Companies stated underneath that violated the provisions of Article (108) of the Securities Law related to “Trading in securities or influencing others to trade in such securities on the basis of Inside Information”:
Arab Real Estate Development Company.
Ein Al-Gad for Public Trade & Investment Company.
Shua’a Future Company.
Tuhama for Financial Investments Company.
Al-Mutalazemah for Investment Company.
Al-Mutanaseqa for Investment Company.
Mr. Emad Abed Al-Razaq Hamdan Al-Dahlleh.
Mr. Hussam Al-Deen Mohammad Saied Al-Mabrouk.
Mr. Tawfiq Nezar Tawfiq Najjar.
Mr. Khaled Abed Al-Kareem Ahmad Al-Dahlleh.
Mr. Mohammad Nezar Tawfiq Najjar.
B) United Group Holdings Company for violating the provisions of Articles (107/A) & (109/A) of the Securities Law related to “Submitting false or misleading data in any document filed with the Commission”.
C) Accredited Auditors Company (KPMG) for violating the provisions of Article (107/C) of the Securities Law 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”.
Pursue the suspension of United Group Holdings Company from trading until further notice.