15 September 2022

Ezdan Holding Group Files Appeal to QFMA on Fining Decision

Local
  • QNA_Ezdan_15_09_2022 (1)

Doha, September 15 (QNA) - Ezdan Holding Group announced that it had filed an appeal to the grievance committee at Qatar Financial Markets Authority (QFMA) in the decision of the Disciplinary Committee issued on June 22, 2022, on fining Ezdan with an amount of QR 10 million, In a statement published by Qatar Stock Exchange on its website Thursday, the group said that the aforementioned decision issued by the Disciplinary Committee have had some flaws which entail the confiscation of the company's right to defense, as long as the Disciplinary Committee did not face the company directly with the letter of Qatar Central Bank dated June 7, 2022, in which the committee issued the conviction decision accordingly, clarifying that the decision is flawed, because is evidently based on ambiguity, thinking and corrupt conclusion, stressing that the decision did not identify the family members whose names were mentioned in the decision whom the company had sold them investment units in 2017.
Ezdan Holding Group also indicated that the committee's decision did not clarify the evidence which corroborates that the company had already did that transaction for those alleged family members, pointing out that there is no relation between those family members with the company and no date of this transaction was mentioned either.
The Disciplinary 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.
The Disciplinary Committee of QFMA decided, in a document published on its website, to recover the profits realized 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. (QNA)

Keywords

Economy, Qatar, National companies
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