Saudi Finance Minister condemns two companies for manipulating the financial
The Securities Disputes Appeals Committee convicted two companies on charges of violating the financial market system, in addition to violating the securities business regulations.
The committee decided to fine them an amount of 2.1 million riyals for each company, confirming that the committee issued its final decision to condemn the two companies, for practicing a securities business without obtaining a license from the authority, which is the activity of “dealing” and advertising the activities of (dealing, management, and advice).
The committee explained that the two companies provided trading services in exchange for sums of money that were received, transferred, or deposited in the bank account belonging to one of the two companies, and announced this through the other’s account in the social media program (LinkedIn), during the period from 01/07/2021 to 12/29/2021, without obtaining a license from the Capital Market Authority.
The committee stated that contractors with the two companies have the right to file an individual or collective lawsuit with the committee to demand the annulment of the agreement or contract and the recovery of any money or other property that was paid or transferred pursuant to the agreement or contract, provided that this is preceded by submitting a complaint to the authority in this regard via the authority’s website.
The decision stipulates the imposition of a number of penalties on them, namely the imposition of a fine of 4.2 million riyals equally between them for violating Article (31) of the Financial Market Law, Article Five and Article (17) of the Securities Business Regulations.
While the Appeals Committee in Securities Disputes decided final as a result of joint coordination and cooperation between the Authority, the Public Prosecution and the relevant security authorities, and in light of the general criminal lawsuit filed by the Public Prosecution and referred to it by the Capital Market Authority against a number of violators.
The Capital Market Authority stressed the importance of investors’ confidence in the financial market for its growth and prosperity, as the Authority continuously works to monitor any behavior that violates the financial market system and its executive regulations, urging market traders that illegal practices are considered a criminal crime, and expose their perpetrators to legal accountability.
On another level, “Saudi Tadawul” announces the listing and commencement of trading in the shares of the United Mining Industries Company in the parallel market “Nomu” as of Sunday, October 22, 2023 AD.
Tadawul stated in a statement today that the company will be listed with the trading code 9583 and the international code SA15T0H4LNH2, adding that the daily price fluctuation limits will be +/- 30%, with fixed price fluctuation limits of +/- 10% applied.
While the Saudi Al-Khair Capital Company, “Al-Khair Capital,” announced in its capacity as the financial advisor and subscription manager to offer shares of the United Mining Industries Company (the company) in the parallel market to successfully complete the offering process for 1.75 million ordinary shares, representing 12.50% of the company’s capital, and set the final offering price at 34 riyals..
Al-Khair Capital reported that the offering process ended with a coverage rate of 343.55% of the total offering shares.