8 People Convicted of Violating Saudi Financial Market Laws Ordered To Pay $80 Million
Eight investors convicted of breaking Saudi Arabia’s Capital Market Law have been fined SR9.6 million ($2.559 million) and ordered to pay back SR292.8 million of illicit gains from their own investment portfolios and three belonging to the young children of one of those found guilty.
The Capital Market Authority said that in a final ruling, the Appeal Committee for the Resolution of Securities Disputes had convicted Abdulaziz bin Abdullah bin Issa Albanyan, four of his sons, Faisal, Sultan, Abdullah and Fahad, and two of his daughters, Reem and Nouf, and Hind bint Mohammed bin Abdulrahman bin Asaker.
They were found to have violated Capital Market Law and Market Conduct Regulations in their trading of shares in two companies listed on Tadawul, the Saudi stock exchange: Al-Kathiri Holding and Anaam International Holding Group. Their activities included concurrent increases in ownership percentages and the coordinated selling of stocks, primarily during 2020.
The ACRSD ordered the precautionary seizure of all movable and immovable assets of the guilty parties, including bank and investment accounts, until the penalties imposed upon them have been paid.
Announcing the Issuance of ACRSD Final Decision Convicting Violators of the Capital Market Law and its Implementing Regulationshttps://t.co/Td0QFNZXcM pic.twitter.com/K1nUjcxac3
— الأمانة العامة للجان الفصل (@SAUDICRSD) December 14, 2023
