12 investors suspected of making illicit gains of SR1.3bn referred to Public Prosectution

12 investors suspected of making illicit gains of SR1.3bn referred to Public Prosectution

Saudi Gazette reportJEDDAH — Saudi Arabia's Capital Market Authority, the financial regulatory authority responsible for capital markets in the Kingdom, said on Monday it has referred 22 investors suspected of manipulating and gaining more than SR1.3 billion to the Public Prosecution.In a statement, the CMA said that the investors are suspected to have violated Article 49 of the Financial Market Law and Article 2 of the Market Conduct Regulations while trading in the shares of Dar Al-Arkan Real Estate Development Company.The Public Prosecution has filed this case with the Committee for Resolution of Securities Disputes, the statement added.The authority called on all participants in the market that the illegal practices in the market involving fraud, deceit, cheating, and manipulation are considered criminal offenses that the perpetrator of which is subject to legal accountability and the imposition of the penalties stipulated in the Capital Market Law.“The CMA stresses that it will not hesitate, in pursuit of prosecuting manipulators in the capital market, to supervise their