The Disciplinary Committee constituted under the Capital Market Law has reprimanded Oman Fisheries (SAOG) for alleged violations by the company’s Board of Directors of various provisions of the Commercial Companies Law.
The panel also issued an ultimatum to the partly government-owned company to submit a plan of action for the rectification of these violations within 30 days.
“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 Capital Market Authority (CMA) said in a statement.
“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 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.” The Authority stressed that the companies listed on the MSX must comply with the laws and regulations of the capital market.
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