CMA imposes SAR 5.4 mln fine on market law violator

The Capital Market Authority (CMA) imposed a SAR 5.4 million fine on Ahmed bin Abdulrahman Al-Joaithen for violating the Capital Market Law.

Al-Joaithen violated articles of the Capital Market Law and the market conduct regulations, while trading shares of Arabian Cement, Makkah Construction and Development, Jabal Omar Development, Jazan Energy and Development, Saudi Arabian Cooperative Insurance, Bawan, Saudi Research and Marketing Group, Buruj Cooperative Insurance, Saudi Arabia Refineries, and Emaar the Economic City during the period from April 5 to Oct. 11, 2016.

CMA also imposed fines worth SAR 7.5 million on a number of investors against the illegal gains achieved in their investment portfolios as a result of trading violations committed by Al-Joaithen, the authority said in a statement.