‎CMA refers 15 investors to public prosecution over suspicious trading in Dar Al Arkan shares

‎CMA refers 15 investors to public prosecution over suspicious trading in Dar Al Arkan shares

Saudi market regulator, the Capital Market Authority (CMA), announced today, June 7, referring 15 investors, including individuals and companies from inside and outside Saudi Arabia and other states, to the Public Prosecution over suspicions of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations.

The said investors are accused of carrying out suspicious trading on shares of Dar Al Arkan Real Estate Development Co. The suspicious trading included introducing buy and sell orders to affect Dar Al Arkan stock prices as well as introducing buy orders to achieve high closing price. The suspects generated SAR 96.18 million in illicit profit from such manipulation.

This came in line with the CMA’s efforts to protect the market from unfair as well as illegal practices.

CMA also stated that the General Secretariat of Committees for Resolution of Securities Disputes (GSCRSD) will disclose the violators’ identities to the public on its website, once the violations are proved and final decisions are issued against them by Committees for Resolutions of Securities Disputes (CRSD).

To review the date of trading and the suspicious securities, click the link below: