Saudi market authority: refer suspicion of unlicensed portfolio management to prosecutor

The Saudi Capital Market Authority has announced the referral to the prosecutor of a suspected violation of Article 31, Article 49 of the Capital Market Act, Article 5 of the Business Regulations in securities and article 2 of the market conduct regulations.

The authority said in a statement today, Monday, that the reason for the postponement is a suspected management of an investment portfolio belonging to an investor in the Saudi stock market without obtaining a license from the authority.

The authority said the suspect participated with other suspects in manipulation and deception practices, placing purchase orders with the aim of influencing the share price of some companies listed on the Saudi stock exchange.

The Authority added that the General Secretariat of Securities Dispute Settlement Committees will announce on its website the identity of offenders when violations are proven and final decisions are issued against them.

The companies that have had suspicious transactions are listed below:

Abundance for industry and development

Tihama for advertising and public relations

Jazan Energy and Development

Allianz Saudi Fransi cooperative insurance

Gulf Union Al Ahlia Cooperative Insurance

United cooperative insurance group

Arab insurance cooperative

Joint cooperative insurance

Al-Rajhi cooperative insurance

national insurance

Al-Omran for industry and commerce.

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