Other

Other

Viloator Name Description of Violation Decision/Penalty
Board members, external auditor, and CEO of a public joint-stock company

The board of directors of a public joint-stock company violated Article 162(1) and (2) of Federal Decree-Law No. 32 of 2021 on Commercial Companies, as well as Article 20 of the SCA Board Chairman’s Decision No. (3/Chairman) of 2020 Approving the Public Joint-Stock Company Governance Guide.

The company’s external auditor violated Article 248(1) of Federal Decree-Law No. 32 of 2021 on Commercial Companies, as well as Article 71(4) of the SCA Board Chairman’s Decision No. (3/Chairman) of 2020 Approving the Public Joint-Stock Company Governance Guide.

A former CEO violated Article 162(1) and (2) of Federal Decree-Law No. 32 of 2021 on Commercial Companies.

Referral to public prosecution
A social media account holder

A holder of a social media account has committed a crime by forging and misusing the SCA’s name and logo, fabricating a message and falsely attributing it to the SCA, and spreading rumors and fake and misleading information under the SCA’s name. This act constitutes a violation of Article 246 of Federal-Decree Law No. 31 of 2021 concerning the UAE Penal Code, as well as Article 52 of Federal-Decree Law No. 34 of 2021 on Countering Rumors and Cybercrimes.

Referral to public prosecution
An investor

There are suspicions that sale transactions executed by an investor involving the shares of a public joint-stock company were based on leaked and undisclosed information, violating Articles 37 and 39 of Federal Law No. 4 of 2000 concerning the Emirates Securities and Commodities Authority and Market. If proven, this violation is punishable under Article 41 of the same law.

Referral to public prosecution


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