RIAD: Saudi Arabian authorities (CMA) have announced the transfer of five suspects to the prosecutor’s office on suspicion of trading based on insider information on the shares of 11 insurance companies in coordination with the Saudi Arabian Monetary Agency (SAMA).
The authorities stated in a statement on Tuesday that, within the framework of joint coordination between it and the Saudi Arabian Monetary Agency and under the supervision of the Fund on the organizational aspects of a number of companies listed in the market, the Authority received a message from the Fund, including the suspicion of a number of people; Bin Mohammed Bin Ibrahim Bin Deham, Ahmed Bin Abdullah Bin Hamad Al Othman, Anas Bin Saleh Bin Ibrahim Al-Amud, Abdul Aziz Bin Ali Bin Mohammed Al-Anzan and Uday Bin Bader Bin Mohammed Al-Bader;,
She added: The Commission completed the necessary procedures regarding the aforementioned suspicion and sent the suspects to the prosecutor's office due to jurisdiction on suspicion of trading based on inside information about the shares of a number of insurance companies controlled by the institution.
Al-Rajhi Cooperative insurance company, Al-Rajhi Cooperative insurance company, Walaa Cooperative insurance company, Arab Shield Cooperative insurance company, Union Union Cooperative Insurance Company, Boreoj Cooperative Insurance Company and Cooperative Cooperative Union insurance company.
She explained that this is from January 5, 2015 to January 18, 2017,
The state prosecution filed a criminal case against these persons in the Securities Dispute Resolution Committee and issued final decisions of the Securities Appeals Board, which found them guilty of violating Section 50 (a) of the Capital Market Law and Section (a) Sixth from the list of market behavior, the rhythm of a number of fines for them.
The fines imposed on them amounted to a total of 190 thousand Rials and oblige the convict to pay the gain of these violations to the Commission’s account for a total of 182.2 thousand Rials.
Penalties included preventing convicts from trading in the purchase of shares of companies listed on the market for themselves or through an intermediary on behalf of others for one year, with the exception of trading through investment funds with licensed persons,
The Commission confirmed its urgency in order to prevent any irregularities in the system and the constant and constant coordination between it and the Saudi Arabian Monetary Agency, to take all legal measures against anyone who proves that he violated the rules.