The Committee for the Resolution of Securities Disputes (CRSD) has approved a legal claim filed by an investor against Mohammad AL-Mojil Group Co.’s (MMG) board of directors for irregularities related to the company’s initial public offering (IPO), according to a bourse filing.
In February 2017, The Saudi Capital Market Authority’s appeals panel upheld a decision of the CRSD to sentence Mohammad Al Mojil Group founder, Mohammed Bin Hamad Al-Mojil and his son Adel Al-Mojil to five years in prison for irregularities related to the company’s initial public offering (IPO).
In addition, the appeals court also upheld the SAR 300,000 fines levied on both of them, with Mohammed Al-Mojil ordered to pay SAR 1.62 billion to the market regulator as the illegal profit gained as a result of the difference between the offering price and the stock’s value.
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