The Appeals Committee upheld the Disciplinary Decision No. 10/2018 issued by the Accountability Committee which warned Sohar Power Company SAOG for violating the provisions of Article 5 of the Capital Market Law and obligated the company to modify the financial statements to be consistent with ISA 17.
Article 5 of the Capital Market Law provides “ Each company offering securities for public subscription must, on its own responsibility, submit to CMA annual, half year and quarterly reports on its activities and the results of its business, which shall include statement with regard to the sound financial position of the company. The company shall publish a comprehensive summary of these reports in two daily newspapers, one of which, at least, must be in Arabic. Balance sheet and other financial statements shall be prepared in accordance with accounting standards and Accounting and Audit Law enacted by Royal Decree No. 77/86.”
The move will enable the investors to take informed decisions based on sound information.
CMA emphasizes compliance with the laws and regulations to provide fairness and protection for all market participants and for investors to take sound and informed investment decisions.