QFMA fines Ezdan Holding Group QR10mn

      

 

 

 

The Qatar Financial Markets Authority (QFMA) has fined Ezdan Holding Group an amount of QR10mn for violating Article No 7 of 2019, after the Accounting Committee of the QFMA, in its 10th session for 2022, issued a decision imposing a financial penalty on Ezdan Holding Group Company in the aforementioned amount, reports QNA.The Accounting Committee decided, in a document published on its website, to recover the profits realised from committing the violation, starting from March 21, 2019, until the time of freezing the shares, in addition to obligating Ezdan Holding Group Company to correct the violation by eliminating the overrun percentage to comply with the decision of the Board of Directors of QFMA No 1 of 2016 in a gradual manner within (one year), provided that the company is not allowed to benefit from the overrun amount with regard to voting rights in the General Assembly, or in the management of the Qatari Investors Group Company.The committee's decision also included referring the Ezdan Holding Group Company to the investigation committee regarding possible violations of Decision No 1 of 2016 regarding the shares owned by Cayman funds in other listed companies and notifying the company of the decision with a warning of its right to appeal within 15 days from the date of the notification.The Accounting Committee issued the aforementioned decisions based on Law No 8 of 2012 regarding the QFMA.