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The CMA has previously granted Naeem Investment Company a license to conduct discretionary portfolio management as per the CMA Board of Commissioners resolution number (1-214-2006) dated 29/10/1427 H correspondence to 20/11/2006 G. The commencement of operations was subject to fulfilling the requirements set out in the said resolution and obtaining a written commencement letter from the CMA. However, due to the fact that the company has violated the Capital Market Law and its regulations and deliberately gave the CMA materially false and misleading information during the period of granting the license, the CMA Board of Commissioners has issued today 04/07/1429 H correspondence to 07/07/2008 G a resolution to revoke the license granted to Naeem Investment Company and request the CMA concerned department to take other necessary actions.
