Today, Tuesday, the Saudi Capital Market Authority revealed the issuance of its board of directors’ decision to refer 15 suspects, between individuals and companies from inside and outside the Kingdom, suspected of violating Article 49 of the Capital Market Law and Article Two of the Market Conduct Regulations to the Public Prosecution.
The authority said in a statement, that this is because they practice manipulation and misleading, by entering purchase orders with the aim of affecting the share price, entering sale orders with the aim of affecting the share price, and entering purchase orders with the aim of achieving a high closing auction price on the shares of Dar Al-Arkan Real Estate Development Company. .
It added that this resulted in the realization of illegal gains on the (suspicious) investment portfolios, amounting to about 96.18 million riyals.
According to the authority, the days subject of the suspected trades took place from February 2019 to May 2020.
The authority affirmed its keenness to implement the capital market system and its executive regulations, and to protect the market from illegal practices.
She indicated that the General Secretariat of the Committees for the Resolution of Securities Disputes will announce to the public on its website the identity of the violators when violations are proven and final decisions are issued by the Committees for the Resolution of Securities Disputes against them.
She said that the person harmed by these violations, after they are proven, has the right to file a lawsuit against the violators to claim compensation before the committee under Article 57 of the Capital Market Law, provided that this is preceded by filing a complaint with the Authority in this regard.
