Al-Faris National Company for Investment & Export 29/9/2011

Al-Faris National Company for Investment & Export
September 29.2011


Under the Chairmanship of Dr. Bassam Saket, Jordan Securities Commission (JSC) Board of Commissioners decided on September 29.2011 to refer to the Competent Court Burj Pizza for Investment & Export Company & Mr. Sinan Qusheh, for violating the provisions of Article (108) of the Securities Law. This Article stipulates the following: “trading in securities or influencing others to trade in such securities on the basis of Inside Information, using inside or confidential information to attain material or moral gains whether for his own benefit or for the benefit of others or disclosing Inside Information to other than the competent authorities or the Courts”.

The Board of Commissioners also decided to fulfill its current investigations in possible violations of the Securities Law of Al-Faris National Investment & Export Company for providing the (JSC) with false financial statements. Furthermore, the Board decided to fulfill its current investigations in possible violations of the Company Auditors Messrs Qusheh & Partners (Legal Auditors) of the provisions of Article (107/C) of the Securities Law. This Article stipulates the following: “certifying by an auditor or accountant of false or misleading financial statements”.

Moreover, the Board of Commissioners decided to address the Company General Controller & the Anti Corruption Commission of possible violations of the Board of Directors of Al-Faris National Investment & Export Company. The Commission noticed upon reviewing this Company & people in charge, possible violations of the Securities Law that may be related to some practices & acts violating the enforced Companies & Sanctions Laws.

The Commission fulfilled the required measures relevant to violations within its jurisdiction & referred violations relevant to the Companies Controller to the General Companies Controller to take proper actions by virtue of the provisions of the Companies Law. The (JSC) provided the Anti Corruption Commission with necessary documents concerning violations made by this Company, within the realm of cooperation & coordination between these two entities.
It is worthy to mention that (JSC) Board of Commissioners decided on July 6.2010 to suspend trading in shares of Al-Faris National Investment & Export Company for not providing the (JSC) with financial statements. The Amman Stock Exchange (ASE) continues also to suspend the Company share from trading for purposes related to decreasing its capital.