The Administrative Court (Appeals Division) has issued on Monday 10 June 2019 a final judgment against Sohar Power Company SAOG (SPC) “ Admitting the company’s appeal as a matter of form and substantively dismissing it, uphold the appealed judgment and obligate the company to pay the expenses.”
The Disciplinary Committee of CMA had earlier issued Decision N o. 10/2018 dated 16 May 2018 warning SPC for violating the provisions of Article 5 of the Capital Market Law and obligated it to change their financial statement in accordance with IFRS 17.
SPC appealed the decision before the Appeals Committee which admitted the appeal as a matter of form and substantively upheld the decisions of the Disciplinary Committee.
Then SPC appealed the Appeals Committee’s Decision before the Primary Division of the Administrative Court which rendered its judgment on 3 March 2019 admitting the case as a matter of form and dismissed it substantively and obligated SPC to pay the expenses.
The company was obligated to change their financial statement in line with International Accounting Standards to present the financial position of the company clearly and fairly to allow the investors to take informed investment decisions.
CMA emphasized the importance of obligating the companies listed on MSM to comply with the laws and regulations regulating the capital market to furnish protection for all the participants of the market through providing financial statements to investors that could assist them in taking sound and informed investment decisions.