Saudi Arabia’s Capital Market Authority (CMA) has referred 25 suspects to Public Prosecution for market abuse, including violation of Capital Market Law and Market Conduct Regulations.
The CMA said the violations were related to shares of one of the investment funds and 84 listed companies, one of which was listed on the parallel market, (Nomu).
A statement said 23 suspects were referred for manipulative and deceptive acts through the entry of purchase orders that aim to influence the share price and unit price during trading on shares of 72 listed companies on the Saudi Stock Exchange and one of the investment funds.
Another two suspects were referred for manipulative and deceptive acts through the entry of purchase orders that aim to influence the share price and unit price, and the entry of purchase orders that aim to effect a high closing auction price during trading on shares and units of 26 companies.
The CMA said the General Secretariat of Committee for Resolution of Securities Disputes (GS-CRSD) will announce the identities of convicted violators on its website after final decisions by the committee.
Anyone affected by these violations is entitled to file a compensation claim, after conviction, against the violators before the CRSD, the statement said.
(Writing by Imogen Lillywhite; editing by Seban Scaria)