Arab News, Saturday, Dec 26, 2020 | Jamadi Al Awwal 11, 1442
11 investors referred to Public Prosecution over suspicious trading
Saudi Arabia:
Saudi market regulator, Capital Market Authority (CMA), announced on Dec.
23, referring 11 investors, who are suspected of violating Article (49) of the
Capital Market Law and Article (2) of the Market Conduct Regulations, to the
public prosecution.
Those investors are accused of suspicious trading in shares of Al Kathiri
Holding Co. and Anaam International Holding Group, while placing buy orders
during the period from Dec. 5, 2019 to Nov. 15, 2020, to hike the closing prices
for both stocks.
This came in line with the CMA’s efforts to protect the market from unfair as
well as illegal practices, including deceit, cheating, fraud and manipulation,
and to ensure market efficiency and transparency.