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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