Saudi Arabia’s Capital Market Authority (CMA) has ordered Faisal Turki Faisal Al-Saud to pay SAR 7.4 million for illegal profits made while flouting market regulations, the regulator said in a statement on Sunday.
The CMA’s Appeal Committee for the Resolution of Securities also imposed a fine of SAR 400,000 on Al-Saud on Feb. 14, 2017 for violating rules.
Al-Saud unlawfully traded the shares of SANAD Cooperative Insurance, Saudi Indian Company for Cooperative Insurance, Chubb Arabia Cooperative Insurance Company and Al Alamiya Insurance Company between Dec. 3, 2012 and May 28, 2013, the regulator said.
He will be banned from trading equities on Tadawul for three months.Separately, the CMA also imposed a SAR 60,000 fine on Faisal bin Abdulrahman bin Abdulaziz Al Saud on March 8, 2017 for violating market regulations.
Al-Saud illegally traded the shares of Allianz SF and Allied Cooperative Insurance Group (ACIG) between May 15, 2013 and June 8, 2013.
He was ordered to pay SAR 895,582 to the market regulator for profits made by his investment portfolios due to these violations, the statement added, noting that Al-Saud will also face a three-month ban from trading on Tadawul.
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