CMA refers investors suspected of flouting rules to public prosecution

Investors suspected of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations while trading shares of 18 listed companies on the Saudi Stock Exchange (Tadawul) have been referred to the public prosecution, the Capital Market Authority (CMA) said in a statement.

The suspected cases took place between 2015 and 2016 in the following companies:

1) Astra Industrial Group

2) Bawan Co.

3) Electrical Industries Co.

4) Abdullah A. M. Al-Khodari Sons Co.

5) Methanol Chemicals Co. – CHEMANOL

6) Saudi Arabian Amiantit Co. – Amiantit

7) Alujain Corp.

8) National Metal Manufacturing and Casting Co. – Maadaniyah

9) Al Abdullatif Industrial Investment Co.

10) Hail Cement Co.

11) City Cement Co.

12) Arabian Cement Co.

13) Al Khaleej Training and Education Co.

14) Alandalus Property Co.

15) National Agricultural Development Co. – NADEC

16) Tabuk Agricultural Development Co.

17) Aljazira Takaful Taawuni Co.

18) Al Rajhi Company for Cooperative Insurance

The move comes as part of CMA's responsibility to protect the market from unjust and improper practices involving cheating, fraud and manipulation, and to work for justice, efficiency and transparency in securities transactions.

The authority affirmed its keenness to apply the financial market system and its executive regulations and to protect the market against illegal practices, indicating that the victims of these practices are entitled to file a claim for compensation under Article 57 of the law, the statement added.