CMA imposes $1.44m fine on market law violator

  • Date: 15-Dec-2020
  • Source: Arab News
  • Sector:Economy
  • Country:Saudi Arabia
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CMA imposes $1.44m fine on market law violator

CMA imposes $1.44m fine on market law violator

CMA imposes $1.44m fine on market law violator

Ahmed bin Abdulrahman Al-Joaithen was fined $1.44 million for violating the Capital Market Law. (AFP file photo)

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CMA imposes $1.44m fine on market law violator

Updated 15 December 2020

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The Capital Market Authority (CMA) imposed a SR5.4 million ($1.44 million) fine on Ahmed bin Abdulrahman Al-Joaithen for violating the Capital Market Law.

Al-Joaithen violated articles of the Capital Market Law and the market conduct regulations, while trading shares of Arabian Cement, Makkah Construction and Development, Jabal Omar Development, Jazan Energy and Development, Saudi Arabian Cooperative Insurance, Bawan, Saudi Research and Marketing Group, Buruj Cooperative Insurance, Saudi Arabia Refineries, and Emaar the Economic City during the period from April 5 to Oct. 11, 2016.

CMA also imposed fines worth SR7.5 million on a number of investors against the illegal gains achieved in their investment portfolios as a result of trading violations committed by Al-Joaithen, the authority said in a statement.

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