FSA issues warning to Barka water and power company
The Financial Services Authority (FSA) has issued an official warning to Barka Water and Power Company (SAOG) for breaching disclosure requirements under the Executive Regulations of the Capital Market Law.
According to Administrative Decision No. 12/2025, the company failed to comply with Articles 291, 293, and 298 of the regulations issued under Decision No. 1/2009. The violations pertain to the company's failure to disclose, in a timely manner, material information regarding the extension of power and water purchase agreements with Nama Power and Water Procurement Company (SAOC).
Additionally, Barka Water and Power Company did not adequately disclose information about the awarding of a contract related to power and water desalination using the multi-stage flash distillation method. The company also neglected to confirm, deny, or correct material information that had been publicly disclosed by one of its major shareholders.
The FSA's action is based on Article 58/A of the Securities Law issued by Royal Decree No. 46/2022, which authorises the Authority to impose necessary penalties in cases of disclosure violations.
The Authority reiterated its commitment to upholding transparency and discipline in the financial market. It underscored the importance of listed companies adhering to timely and accurate disclosure of material information in order to safeguard investors' interests and enhance confidence in the market.
The FSA urged all public joint-stock companies to fully comply with the applicable legal and regulatory frameworks governing the capital market.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
2 days ago
- Observer
Sohar court jails trader for consumer law breaches
Muscat: The Primary Court in Sohar has recently issued five judicial rulings against a defendant in favor of several consumers, sentencing him to imprisonment and financial fines for violations of the Consumer Protection Law No. (66/2014). The cases originated from complaints filed with the Consumer Protection Department in North Al Batinah Governorate against a commercial establishment specializing in the fabrication and installation of doors, windows, and glass partitions. Consumers reported that they had signed contracts with the company to complete the work within a specific timeframe. However, the establishment failed to honor the agreements and delayed execution. Following the complaints, the Directorate undertook the necessary legal procedures. After compiling the case files, they were referred to the Public Prosecution in Sohar, which investigated the matters and forwarded them to the competent court. The court subsequently convicted the defendant of failing to provide services properly and in accordance with their nature, as stipulated in Article (23) of the Consumer Protection Law. The rulings included both prison sentences and financial penalties. The Directorate of Consumer Protection in North Al Batinah affirmed that these judgments highlight the importance of credibility, transparency, and integrity in dealing with consumers, stressing that providers must comply with their legal obligations under the Consumer Protection Law. In a related development, the Consumer Protection Authority in Muscat successfully recovered an amount of OMR 2,260 for a consumer following a complaint against a construction and building materials company. The consumer had paid in advance for cement products that were not delivered on time. Through the Authority's intervention, the matter was amicably resolved, and the full amount was refunded. The Authority reiterated its commitment to safeguarding consumers from commercial fraud, ensuring the quality of products and services, and called on suppliers to strictly adhere to approved standards and technical requirements. It also urged consumers to report any violations through its official channels, affirming that consumer rights remain a top priority and that monitoring teams are always prepared to act against any practices that compromise consumer safety or rights.
Observer
4 days ago
- Observer
CPA tells travel firms to follow contract terms
Two cases from separate consumers against a travel agency were resolved with the intervention of the Consumer Protection Authority, which resulted in the refund payment of RO4,720 to the complainants in the Muscat Governorate. These cases were based on the failure to adhere to the terms of the contract and to fulfill the agreed-upon service, as part of the Authority's ongoing efforts to safeguard consumer rights and promote transparency and fairness in commercial transactions. The details of the case indicate that the two consumers had entered into agreements with a travel and tourism office. The first consumer agreed to book all-inclusive travel arrangements, including a flight ticket and a tourist programme, for a total amount of RO2,240, of which OMR 1,500 was paid in advance. In the second case, the consumer agreed to an all-inclusive tourist program for a total of RO3,220, which was paid in full to the office. However, the office failed to provide the agreed-upon services. It became evident to the first consumer that the trip had been cancelled, and upon contacting the office, no refund was provided. Additionally, the office did not implement the tourist program for the second consumer. Consequently, both consumers submitted their complaints to CPA, requesting a refund of the amounts paid. CPA promptly initiated the necessary legal procedures and communicated with the parties involved, which resulted in an amicable settlement. This settlement stipulated the refund of the advance payment of RO1,500 to the first consumer and the full amount of RO3,220 to the second consumer. CPA stresses the importance of suppliers adhering to the terms of contracts concluded with consumers and responding promptly to any complaints or observations.
Observer
13-08-2025
- Observer
CPA recovers RO3,200 in gold jewelry dispute
Muscat: The Consumer Protection Authority (CPA) has recovered OMR 3,200 for a consumer following a dispute with a gold and jewelry store in Muscat Governorate over discrepancies in agreed-upon specifications for custom-made pieces. According to the CPA, the consumer had agreed with the store—specializing in gold, silver, and gemstones—to craft bespoke jewelry valued at RO6,615, paying an advance of R3,200. However, upon inspection, the consumer found that the gold carat and engravings did not match the specifications agreed upon with the seller. The matter was reported to the CPA, which conducted an investigation and confirmed the validity of the consumer's claims. The Authority then contacted the supplier and took the necessary legal measures under the applicable laws and regulations, leading to a full refund of the advance payment.
