Recently, the General Administration for Communication and Investor Protection at the Saudi Capital Market Authority issued three separate decisions penalizing five investors and a local company for violating the financial market system and its executive regulations. The fines imposed on them totaled 4.02 million riyals, with an additional 811.5 thousand riyals to be paid for illegal gains achieved in their investment portfolios.
M. A., who was found guilty of violating Paragraph (B) of Article 50 of the Financial Market Law, received a fine of 300 thousand riyals and was required to pay 163 thousand riyals for illegal gains resulting from trading purchases in the shares of “Astra Industrial Group” based on inside information before the company announced an exclusive services agreement with a Swiss company.
The second decision condemned A. Kh. g., who was found guilty of manipulating stock prices and engaging in deceptive trading practices with various companies, receiving a fine of 2.8 million riyals and a requirement to pay 647 thousand riyals for illegal gains on his investment portfolio.
Finally, E. R., For development and commercial investment, along with A. A., S. M., and M. B. R., were convicted of engaging in securities business activities without the necessary license, receiving a fine of 900 thousand riyals each