Saudi Capital Market Authority Levies Fines,Penalties in Securities Disputes Case

Riyadh, Saudi Arabia – The Saudi Capital Market Authority (CMA) has announced a decisive ruling against ten investors found in violation of the nation’s financial market regulations, marking a significant step in its ongoing efforts to maintain market integrity. The penalties include fines totaling 860,000 riyals and orders to repay more than 96 million riyals gained through illicit activities.

Details of the Market Violations

The Appeals Committee’s decision identifies several individuals, including Ibrahim bin Abdullah bin Muhammad Al-Junaidali and Ahmed bin Ali bin Suleiman Al-Yahya, among others, who breached paragraph (a) of Article 49 of the Capital Market System and Paragraph (A) of Article two of the Market Conducts List.Their offenses involved manipulating the share price of Dar Al-Arkan Real Estate Development company between February 3, 2019, and May 12, 2020, by strategically placing purchase and sale orders to influence market dynamics.

These actions, executed through their investment portfolios, were deemed manipulative and fraudulent, creating a false impression of the company’s financial paper value. The CMA’s firm stance underscores its commitment to safeguarding investor confidence and ensuring a fair and transparent market surroundings.

Did You No? Market manipulation can