CMA says Al Mojil’s verdict ‘unprecedented’

The decision to compensate affected investors by the violations committed on the shares of Mohammad Al-Mojil Group Co is the first of its kind in the Capital Market Authority’s (CMA) history, Bader Balghunaim, Deputy for Legal Affairs and Implementation at CMA told Argaam.

The general secretariat of the Committee for Resolution of Securities Disputes announced, on April 27, the final decision by the Appeal Committee for Resolution of Securities Disputes to compensate investors who subscribed or bought the shares of Mohammad Al-Mojil Group Co. before publishing its first financial statements on Tadawul on July 12, 2008.

Read more: Final verdict issued to compensate investors affected by Al Mojil IPO violations

Balghunaim added that the decision falls within the plan to organize collective lawsuits approved by CMA in November 2017 and applied in the Saudi securities court for the first time.