CMA refers officials at Saudi Paper Manufacturing to Public Prosecution

Logo of Saudi Paper Manufacturing

The Capital Market Authority’s (CMA) board decided to refer some officials at Saudi Paper Manufacturing Co. (SPM), as they failed to register and disclose the sale of the company’s affiliate in Morocco, Moroccan Paper Manufacturing Co. in the financial statements to the Public Prosecution.

The company’s officials were suspected to have carried out practices that led to creating a false and misleading impression with respect to SPMC’s stock price, the market regulator said in a statement.

Moreover, the Public Prosecution filed the case against the suspects in the docket of the Committee for the Resolution of Securities Disputes (CRSD).

The move comes as part of the efforts to protect the market from illegal practices.

Any person affected by these acts is entitled to file a compensation claim, individually or collectively, to the CRSD, provided that such claim is preceded by a complaint filed to the CMA in this regard, as per Article 30 of the Capital Market Law, the statement added.