Al-Marsad Newspaper: An official prosecution source said that the Economic Crimes Prosecutor’s Office charged a citizen with an offense for financial market activities and practices.
The investigation procedures revealed that the aforementioned purchase orders with the aim of influencing the price of the security, purchase orders with the aim of obtaining a high auction closing price and repeated the crime (43) times.
A criminal case has been brought against him and a sentence has been passed against him which includes condemnation of the charges against him and obliging him to repay the ill-gotten gains in the amount exceeding (55,000,000) Saudi riyals and a fine of (2,150,000) Saudi Riyals and ban on trading Owns shares of companies listed on the Saudi market on its own account or by delegation of third parties.
The source recalled the jurisdictional protection of the financial market, underlining the prohibition of behavior that makes trading operations a crime under penalty of criminal liability.
The source stressed that the Public Prosecutor’s Office will continue to protect the financial economy of the Kingdom, and will apply to anyone who tries to harm the economic security to demand the sanctions foreseen in this regard.
