Saudi Arabia’s Appeals Committee for the resolution of securities disputes upheld on May 2 a verdict against Fahad bin Abdulrahman bin Abdulaziz al-Shaalan for trading violations and ordered him to pay the regulator a fine of SAR 1.3 million.
Al Shaalan was banned from trading on the Saudi Stock Exchange for a year, the regulator said in a statement on its website.
Al Shaalan was convicted of fraud and market manipulation for several violations committed sometime between April 2012 and April 2013 that involved Chemanol, Wafrah for Industry and Development, Saudi Industrial Development, Al-Ahsa Development, Emaar, Etihad Atheeb Telecommunication, Knowledge Economic City, Al Sorayai Trading and Industrial Group, Qassim Agricultural, and Filing and Packing Materials Manufacturing
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