Saudi CMA orders violator to pay SAR 1.4 mln

15/06/2017 Argaam

Saudi Arabia’s Capital Market Authority (CMA) has ordered Manee bin Ibrahim Al-Otaibi to pay SAR 1.4 million for illegal profits made while flouting market regulations, the regulator said in a statement.

 

The CMA also imposed a fine of SAR 140,000 on Al-Otaibi for violating rules.

 

Al-Otaibi unlawfully traded shares of Hail Cement Co., National Industrialization Co. (Tasnee) and The Company for Cooperative Insurance (Tawuniya) between Oct.21, 2012 and May 25, 2013, the regulator said.

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