These sanctions were issued as a result of violations related to disclosure rules, transparency, securities dealing, and corporate governance. The specific reasons for the sanctions are as follows:
 
1. United Land Real Estate Company (OTC code #922) was found to have delayed the disclosure of important information for several days. 
2. The company failed to provide a comment on a press interview published on September 26, 2022, which raised concerns about the ownership of the company's assets. 
3. The company's response to a press interview published on October 12, 2022, was deemed inaccurate and misleading, as it contradicted reality and contained misleading information.
4. The company was found to have inaccurately evaluated one of its properties listed in its financial statements and classified as an asset by relying on the assessment of only one authority. Additionally, the company evaluated its real estate assets listed in its financial statements one month after the financial statements' reporting period.
 
Furthermore, the Chairman of the Board of Directors, his deputy, and three members of the Board were found to have failed to protect the interests of the company's shareholders regarding the ownership of real estate assets. The assets were registered under the names of parties related to the company based on unverified documentation and waiver letters. This poses legal and financial risks to the company and potentially compromises the rights of its shareholders.
 
The company's executive management, including the CEO and the Head of the Financial Sector, was also found responsible for not taking appropriate measures to safeguard the interests of the shareholders regarding the company's real estate assets. Similarly, they relied on waiver letters and deposited revenue related to the real estate in accounts not owned by the company, risking legal and financial consequences.
 
As a result of these violations, the following penalties have been imposed:
1. United Land Real Estate Company will pay a financial penalty of KD 50,000. 
2. The company will also pay an additional KD 15,000 for each of the first three violations and KD 6,000 for the fourth violation.
3. The Chairman of the Board of Directors and three members of the board will each be fined KD 50,000 for their respective violations. 
4. The Vice Chairman, CEO, and Head of the Financial Sector will individually face a financial penalty of KD 50,000 for their violations and association with the previous violations.
5. The members of the board of directors will be jointly responsible for paying KD 3.56 million to compensate for the loss incurred by the company because of the exclusion of the properties subject to two lawsuits.