The Disciplinary Committee constituted under the Capital Market Law has issued a decision warning of Oman Fisheries (SAOG) and obliged it to provide a plan on rectification actions within thirty (30) days from the date of the decision.
“The decision was issued after it was established the company’s board of directors committed several violations that impacted the performance of the company in violation of Articles 184, 202, 204, and 206 of the Commercial Companies Law,” the press statement said.
The articles provide that the directors or executive management shall not take advantage of the office for obtaining benefits for themselves or for any other person and that the directors and related parties shall not have a direct or indirect interest in the transactions or contracts entered into by the company or for the company’s benefit except the transactions and contracts concluded in accordance with the rules issued by the competent entities.
CMA emphasizes that the companies listed on the MSX must comply with the laws and regulations of the capital market.
