Saudi market regulator convicts Al Ahsa Development’s vice chairman

11/02/2019 Argaam

Abdulmuhsen bin Muhamad bin Abdullah Alothman, Vice Chairman of Al Ahsa Development Co. was convicted of violating market regulations, the Capital Market Authority (CMA) said in a statement.

 

The penalties imposed by the Saudi Committee for the Resolution of Securities Disputes (CRSD) included paying a fine of SAR 100,000 in addition to paying the CMA a sum of SAR 222,408 in illegal profit gained from insider trading.

 

The CMA added that Alothman was banned from trading shares of Saudi-listed companies, whether in person or on behalf of others, for a period one year.

 

He also banned from working in listed companies for a period one year.

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