Investors fined SR42.9 million by Saudi Arabia’s Capital Market Authority
In a bold move, the Capital Market Authority in Riyadh has cracked down on 13 investors and others with fines totaling a whopping SR42.9 million ($11.4 million) for violating the law.
The authority imposed fines of SR17 million on the 13 investors for manipulating share prices through purchase orders, some of which were connected to sale orders, while trading on shares of listed companies.
According to a statement from the CMA, these investors, along with others, have been ordered to pay a total of SR25.9 million for the illegal gains they made in their investment portfolios.
The decisive action taken by the Appeals Committee for the Resolution of Securities Disputes, in coordination with relevant entities, comes in response to a public criminal lawsuit filed by the Public Prosecution.
The CMA emphasized the critical importance of maintaining investor confidence to drive growth in the financial market. It reaffirmed its dedication to identifying and penalizing any misconduct, ensuring that wrongdoers face consequences.
Furthermore, the CMA stated that these measures align with its mission to cultivate a welcoming environment for investors, free from any unfair, risky, deceptive, fraudulent, or manipulative practices.