Al Mojil's top executives, auditor convicted of capital market law violation

31/10/2019 Argaam

 

Top executives and the auditor of Mohammad Al Mojil Group (MMG) were convicted on Oct. 15 of violating the Capital Market Law by the Appeal Committee for the Resolution of Securities Disputes.

 

The parties were convicted of committing misleading practices that affected the value of MMG securities following the group's initial public offering (IPO) with respect to manipulating MMG's financial statements for the fiscal years from 2008 to 2011.

 

Fines between SAR 200,000 and SAR 500,000 were imposed on Adel Bin Hamad Al Mojil, Fahad Al-Raqtan, Ibrahim Al-Shuwaer, and Sek Choy Choong and Ammar Bin Ibrahim Qadoumi.

 

They were also prevented from providing portfolio management services and from working in Saudi-listed companies.

 

Bakr Abulkhair and Deloitte & Touche Bakr Abulkhair & Co. were also fined SAR 300,000 and SAR 500,000 respectively.

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