As part of the regulatory and oversight role that it plays to serve the interest of the national economy; ensure sound transactions; and protect investors in the UAE financial markets, the Securities and Commodities Authority (SCA) had—following the results of an inspection it conducted of a public joint-stock company and after having consulted a number of local regulatory and supervisory authorities and regional counterparts—referred violators to the Public Prosecution to institute criminal proceedings against them and to make further investigations in this regard. SCA’s investigation found that a board member of the company in question has, with accomplices, disposed of some of the company’s assets without following the procedures established by law and that the company has incurred huge financial losses due to an investment decision made in relation to a subsidiary company, in addition to the submission of inaccurate financial statements. Therefore, given that the above constitutes a violation of Federal Law No. (2) of 2015 on Commercial Companies and the decisions issued thereunder, SCA has made the referral decision.