Abu Dhabi: Emirates Securities and Commodities Authority (Esca) announced yesterday that four out of 101 listed companies were penalised for failing to disclose annual financial statements for 2006 on time.
"We have imposed fines on the four companies, most of which are foreign firms, ranging from Dh50,000 to Dh100,000, and if there are further delays, further measures will be taken against these companies," an Esca official told Gulf News yesterday.
The four companies fined and warned are National Marine Dredging Company, Kuwait-based Public Warehousing Company and Aerated Concrete Industries Company - all listed on the Dubai Financial Market, - and one company listed on the Abu Dhabi Securities Market - Commercial International Bank (Egypt).
The authority, which praised the companies' high compliance rate, announced that 96 per cent of the listed companies complied, indicating more confidence and transparency in the UAE stock markets.
By Ahmed A. Elewa
© Gulf News 2007
