Saudi regulator fines 6 firms for violating market rules

10/08/2015 Argaam

Saudi Arabia’s Capital Market Authority (CMA), the kingdom’s market regulator, has imposed fines on six listed companies for various disclosure violations. 

 

Jarir Marketing Co. was fined SAR 10,000 for not detailing reasons for the drop in 2013’s fourth quarter profit, compared with the previous quarter.

 

Alinma Tokio Marine Co. was slapped with a SAR 20,000 fine for the late release of its 2014 first half financial results. 

 

Ash-Sharqiyah Development Co. was fined SAR 20,000 for the late disclosure of new developments.

 

Samba Financial Group was fined SAR 10,000 for missing the regulator’s deadline on setting up its own corporate governance rules.

 

Saudi Airlines Catering Co. was fined SAR 20,000 for not detailing reasons for higher fourth quarter profit in 2013.

 

Altayyar Travel Group was slapped with a total of SAR 200,000 in fines for late or misleading news related to the company’s contracts.

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