CMA refers a number of violators to Public Prosecution
RIYADH — The Saudi Capital Market Authority (CMA) has referred a number of suspects to the Public Prosecution for their violation of the Capital Market Law and the Market Conduct Regulations. The CMA board decided to take the punitive action against the suspects for violating Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations through their involvement in influencing the outcome of the share offering of National Building and Marketing Co. on the Parallel Market.
They involved in the crime with the aim of creating a false and misleading impression regarding the security and the company's fulfillment of the liquidity requirements necessary for listing on the Parallel Market. Additionally, it was found their involvement in executing transition and transactions in order to fraudulently meet the eligibility criteria for the transition to the main market.
The CMA emphasized to all market participants that unlawful practices involving fraud, deception, misrepresentation and manipulation constitute violations that subject perpetrators to legal accountability and the imposition of penalties under the Capital market Law and its implementing regulations.
The CMA underscored its commitment to pursuing those who manipulate the capital market by monitoring their transactions, utilizing its authority under the Capital Market Law, and fulfilling its responsibility to protect citizens and investors from unfair or improper practices. The CMA is dedicated to ensuring justice, efficiency, and transparency in securities transactions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
3 hours ago
- Saudi Gazette
Commerce ministry names violator for selling non-compliant electrical products in Khamis Mushait
Saudi Gazette report RIYADH — The Ministry of Commerce has publicly named a business and its representative following a final court ruling convicting them of violating the Kingdom's Anti-Commercial Fraud Law by possessing and selling substandard electrical products. Inspection teams from the ministry discovered 125 non-compliant electrical extensions offered for sale at the establishment during routine field visits in Khamis Mushait. A final ruling by the Court of Appeals in the Asir region imposed a financial penalty, ordered the closure of the business for three days, and mandated the confiscation and destruction of the fraudulent items. The verdict was also published at the violators' expense. The Ministry reaffirmed its commitment to enforcing the law and taking action against violators. Penalties under the Anti-Commercial Fraud Law may include up to three years in prison, fines of up to SR1 million, or both, in addition to public naming of offenders.
Saudi Gazette
21 hours ago
- Saudi Gazette
Saudi minister holds strategic AI and tech talks with French institutions in Paris
Saudi Gazette report PARIS — As part of Saudi Arabia's ongoing efforts to accelerate the adoption of artificial intelligence and advanced technologies, Minister of Communications and Information Technology Abdullah Alswaha held a series of strategic meetings in Paris with leading French research institutions and global technology firms. The minister began his engagements with Dr. Bruno Sportisse, CEO of INRIA, France's national institute for digital sciences and technology. The two sides discussed potential partnerships in artificial intelligence, quantum computing, and robotics, including the establishment of joint research labs and researcher exchange programs aimed at talent development. In a separate meeting with Arthur Mensch, CEO of Mistral AI, Alswaha reviewed areas of collaboration in the development of open-source large language models (LLMs) and enhancing innovation in generative AI. Alswaha also met with Marie-Laure Denis, President of the French Data Protection Authority (CNIL), to explore cooperation in data governance and protection. The discussion included Saudi Arabia's regulatory frameworks and international initiatives to promote responsible use of emerging technologies. Additionally, the Saudi delegation held talks with Patrice Caine, Chairman and CEO of Thales Group, on collaboration in intelligent systems and space technologies. The discussions focused on supporting Saudi Arabia's priorities in building robust digital infrastructure and advancing its high-tech industrial base.
Saudi Gazette
a day ago
- Saudi Gazette
Saudi embassy in Indonesia follows up on citizen missing in Bali beach drowning
Saudi Gazette report RIYADH — The Saudi Embassy in Indonesia is closely following up on the case of a Saudi citizen who went missing following a drowning incident off the coast of Bali, after receiving a request for assistance from his family. In a statement issued Tuesday, the embassy said it was contacted on July 8 by the family of the missing citizen, Asaad Mohammed Ali Hawsawi, who informed them that he had reportedly drowned and requested the embassy's intervention. Acting on directives from the Saudi Ministry of Foreign Affairs, the embassy said it promptly notified the relevant Indonesian authorities, who initiated search and rescue operations. The embassy added that coordination with local agencies is ongoing, with regular updates being provided to the family. According to Indonesian media reports, the head of the search and rescue office in Denpasar confirmed that the Saudi national was swept away while swimming at Batu Belig Beach in the Seminyak area of Kuta district, Badung Regency, on July 8 around 2:40 p.m. local time. However, the rescue teams reportedly received the alert two hours after the incident. Emergency responders searched a one-kilometer stretch of coastline in both directions and deployed coastal rescue teams, but the initial operations failed to locate the missing citizen. Local residents also participated in the search. Indonesia's National Search and Rescue Agency later announced that, after seven days of intensive efforts involving police, naval forces, and specialized rescue teams, no trace of the victim was found. Preliminary investigations indicated that Hawsawi had been at the beach with a companion, who alerted rescue teams after Hawsawi was pulled away by strong currents. An attempted rescue using a flotation board failed due to the strength of the waves. On Monday, Indonesian outlet IDN Times Bali reported that search efforts for Hawsawi, 29, had officially concluded without locating his body. In a separate statement, local police confirmed that a body found on July 13 on Balangan Beach was not linked to Hawsawi and was identified as that of a 21-year-old Indonesian man. Hawsawi's case echoes past drowning incidents involving Saudi nationals along Indonesian coasts. In August last year, two Saudis drowned at Karangsari Palabuhanratu Beach in West Java; one of them died, while the other was found unconscious but survived. In August 2019, two Saudi women — a mother and daughter — were found dead after drowning off the coast of Kitapak Beach in Lombok, near the tourist island of Bali.
