CMA to sue Al-Mojil execs for breach of market rules

Saudi Capital Market Authority (CMA) will file a complaint against Al-Mojil Group’s board members, top executives and chartered accountants, who served the company between 2008 and 2011, for breach of market rules.

The authority will file the complaint with the Committee for the Resolution of Securities Disputes (CRSD) to hold the officials liable to the hefty losses incurred by investors.

Al-Mojil’s minority shareholders had blamed the board for the suspension of the company’s stock since July 2012, and for the heavy losses that ensued, and filed a complaint with CMA last month.

The company posted accumulated losses of up to SAR 2.7 billion, 215 percent of capital, till August.