CMA orders Hasan Al-Otaibi to pay SAR 911,106 in illicit gains

15/03/2017 Argaam

The Capital Market Authority (CMA) has ordered Hasan Turki Al-Otaibi to pay SAR 911,106 in illicit gains, as well as a fine of SAR 160,000 for market violations.

 

Al-Otaibi will be banned from trading equities on Tadawul for three months, the regulator said in a statement Wednesday.

 

Al-Otaibi has reportedly unlawfully traded the shares of the following firms for the period between May 1, 2013 and November 10, 2013:

 

- National Gas & Industrialization Co.

- National Gypsum Company

- Dur Hospitality Company

- Saudi Research and Marketing Group

- Al Khaleej Training and Education Co.

- Saudi Arabian Cooperative Insurance Co.

- Trade Union Cooperative Insurance Co.

- Bupa Arabia for Cooperative Insurance 

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