Saudi regulator slaps violators with fines

18/06/2017 Argaam

The Capital Market Authority’s (CMA) Appeal Committee for the Resolution of Securities on June 7, 2017 imposed a fine of SAR 280,000 on Shaker bin Abdel Aziz Al Mutawa for violating market regulations. The market regulator also imposed a fine of SAR 350,000 and SAR 190,000 on Abdel Aziz bin Suliman Al-Duwaihi and Ahmed bin Hamad Al Toaimi respectively.

 

The three have unlawfully traded the shares of Takween Advanced Industries, Al Sorayai Trading And Industrial Group Co., Saudi Real Estate Co., Saudi Industrial Development Co. (SIDC), and Saudi Steel Pipe Co. (SSP) in the period between August 13, 2012 and December 25, 2013, the regulator said in a statement.  

 

They were also ordered to pay SAR 22.8 million, SAR 36.7 million and SAR 22.5 million to the market regulator respectively for illegal profits made by his investment portfolios due to these violations, the statement added.

 

The violators have been banned from trading equities on Tadawul for three months.

 

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