Saudi Gazette Report

RIYADH — A Saudi court sentenced a citizen to return the illegal gains amounted to over SR55 million from the stock market, the Public Prosecution announced on Wednesday.

The Economic Crimes Prosecution charged the citizen of committing stock market activities and practices to manipulate share price.

Investigations revealed that the citizen had entered purchase orders 43 times to achieve a high closing price.

A criminal case was filed against the citizen. A verdict convicted the citizen of the manipulation felony; and obliged him to return the illegal gains that amounted to over SR55 million.

The citizen was charged with a SR2.15 million penalty.

The verdict also ruled to prevent the citizen from trading on Tadawul-listed companies shares for his own account or by proxy on behalf of others.

An official source at the Public Prosecution stressed that stock market protection is a top priority.

“Any practice that would lead to trading manipulation will be subject to criminal accountability.”

He confirmed that the Public Prosecution will continue to protect the Kingdom’s economy; and will present whoever attempts to harm economic security to be subject to penalties prescribed in this regard.