CMA fines Ahmad Fitaihi, Fitaihi Group for market violations

Saudi Arabia’s Capital Market Authority (CMA) imposed on Oct. 16 a fine of SAR 283,878 on Fitaihi Holding Group for violating market rules, it said in a statement on Tuesday.

A fine of SAR 70,000 was also imposed on Ahmad Fitaihi for practices constituting manipulation and fraud, and creating a misleading impression about the security of United Wire Factories Co. and National Gas and Industrialization Co. when he traded their shares from Jan. 16, 2013 to March 18 the same year.

The resolution came in response to a lawsuit filed by The Public Prosecution against Ahmad Fitaihi and Fitaihi Holding Group.

Any affected parties by these acts can file a suit for compensation to the committee as per Article (57) of the Capital Market Law, after filing a complaint with the CMA, the market regulator said.