Muscat – The Capital Market Authority’s (CMA) disciplinary committee, constituted under the Capital Market Law, has issued a decision warning Oman Fisheries Company.

The committee’s decision obliged Oman Fisheries to provide a plan on rectification actions within 30 days from the date of the decision.

‘The decision was issued after it was established that the company’s (Oman Fisheries) board of directors committed several violations of Articles 184, 202, 204 and 206 of the Commercial Companies Law that impacted the performance of the company,’ the CMA said in a press statement.

The articles, CMA said, 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.