JEDDAH: Saudi Arabia’s Capital Market Authority has made an announcement regarding a decision by the Appeal Committee for the Resolution of Securities Disputes to convict a violator of market laws.
The decision concerns the CMA’s law suit against Yazeed bin Sulaiman bin Saleh Alkhelewy.
The new ruling upholds the previous decision issued by the committee for the Resolution of Securities Disputes convicting the defendant for violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations for trading in the shares of a number of companies.
A fine of SR560,000 has been imposed on the violator for “fraud and manipulative practices”.
He has been ordered to refrain from trading in shares of companies listed on the Saudi Stock Exchange (buying) for a year.
He is also barred from engaging in activities of portfolio management and from working as an investment consultant for a year.
He should refrain from working in companies listed on the Saudi Stock Exchange for a year.
An investor has been ordered to pay SR199,797.30 to the CMA’s account to compensate for the illegal profits in her investment portfolios as a result of the violations made by defendant Yazeed bin Sulaiman bin Saleh Alkhelewy.
Hefty fines imposed on violator of Saudi CMA rules
Hefty fines imposed on violator of Saudi CMA rules
