The Capital Markets Authority (CMA)  issued Disciplinary Board Decision No. (24/2024 Disciplinary Board) (09/2024 Authority) imposing a financial penalty on Wafra International Investment Company.

According to the Authority’s statement, a decision was issued to impose a financial penalty against Wafra International Investment Company for violating the rules of collective investment systems, and the Authority found that the company, in its capacity as a fund manager, did not implement two requests of refund, which harmed the fund’s clients as a result of that.

The Authority also found that the company did not compensate the two clients for the value of the decrease in their units required to be redeemed on September 7, 2023, causing them to miss out on a profit of KWD 371 because of the company’s failure to implement the next valuation price for the redemption request set for September 11, 2023. 

The decision included imposing a financial penalty on Wafra International Investment Company in the amount of KWD 1,000 for the two violations attributed to it for the connection.