Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth is also illegal. (File/Shutterstock)
Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth is also illegal. (File/Shutterstock)
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Updated 04 December 2020

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Arabia’s Public Prosecution affirmed that it is prohibited by law to intentionally take any action that creates a false or misleading impression about the capital market, prices, or value of any security or to induce third parties to buy, sell, or subscribe to this security.

It stated in a tweet that this is one of the serious crimes that require arrest, according to the Public Prosecutor's decision No. (1) dated 1/1/1442.

The following actions are considered fraudulent:

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth.

Performing a series of transactions on a specific security to influence on a particular stock.

Conducting a series of trades on a specific security, such as buying and/or selling a security, with the aim of price stabilization.

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SABIC to begin construction of plastic recycling facility in the Netherlands

SABIC to begin construction of plastic recycling facility in the Netherlands
Updated 23 January 2021

SABIC to begin construction of plastic recycling facility in the Netherlands

SABIC to begin construction of plastic recycling facility in the Netherlands
  • The construction phase for the unit is expected to become operational in the second half of 2022
  • The project will be realized under a 50:50 joint venture

Saudi Basic Industries Corp. (SABIC) and Plastic Energy Ltd. announced plans to commence construction on the first commercial unit to produce its flagship certified circular polymers.

The construction phase for the unit, which will be located in the Netherlands, is expected to become operational in the second half of 2022.

The project will be realized under a 50:50 joint venture. It will be implemented with a top sector energy subsidy from the Ministry of Economic Affairs in the Netherlands.

The new unit will enable SABIC to significantly upscale the production of certified circular polymers to provide customers with greater access to sustainable materials which have been recycled, repurposed and produced in a way that can help protect our planet’s natural resources, while acting as a drop-in solution.