The Securities Disputes Appeals Committee at the General Administration for Communication and Investor Protection at the Saudi Capital Market Authority has convicted five investors and a local company of violating the financial market system and its regulations. As a result, fines totaling 4.02 million riyals were imposed on them, along with an obligation to pay 811.5 thousand riyals for illegal gains.
In the first decision, M.A was found guilty of trading purchases in the shares of Astra Industrial Group based on inside information before the company’s official announcement. A fine of 300 thousand riyals was imposed, along with a requirement to pay 163 thousand riyals for illegal gains.
The second decision involved A.Kh.G who was condemned for manipulating stock prices of various companies. A fine of 2.8 million riyals was imposed on him, along with a requirement to pay 647 thousand riyals for illegal gains.
In the third and final decision, E.R For Development and Commercial Investment, along with A.A., S
