UAE regulator fines firms over disclosure violations

ABU DHABI — Three foreign and a UAE company have violated the deadline for submitting the preliminary financial results for 2006, forcing the Emirates Stocks and Commodities Authority (ESCA) to take stringent measures, including fining them between Dh50,000-100,000.

By Haseeb Haider

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Published: Wed 14 Feb 2007, 8:55 AM

Last updated: Sat 4 Apr 2015, 9:55 PM

The Emirates Securities and Commodities Authority (ESCA) yesterday said 96 per cent of the companies have so far submitted their preliminary financial statements for 2006.

The authority said that the total number of companies that announced financial data has reached 97 out of the 101 joint stock companies listed in the securities markets.

ESCA released the names of four companies that missed the deadline which include the National Marine Dredging Company, in addition to the three non-UAE companies, Messrs Public Warehousing company, Aerated Concrete Industries and the International Commercial Bank, Egypt.

ESCA pointed out that it took deterring action against the companies by fining them as they had violated the provisions of the board of directors No. (3) for 2000 and its amendments. The authority has directed the four companies to submit their financial statements as early as possible.

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