Saudi Gazette report

RIYADH — The Saudi Capital Market Authority (CMA) has referred a number of suspects to the Public Prosecution for their violation of the Capital Market Law and the Market Conduct Regulations. The CMA board decided to take the punitive action against the suspects for violating Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations through their involvement in influencing the outcome of the share offering of National Building and Marketing Co. on the Parallel Market.

They involved in the crime with the aim of creating a false and misleading impression regarding the security and the company's fulfillment of the liquidity requirements necessary for listing on the Parallel Market. Additionally, it was found their involvement in executing transition and transactions in order to fraudulently meet the eligibility criteria for the transition to the main market.

The CMA emphasized to all market participants that unlawful practices involving fraud, deception, misrepresentation and manipulation constitute violations that subject perpetrators to legal accountability and the imposition of penalties under the Capital market Law and its implementing regulations.

The CMA underscored its commitment to pursuing those who manipulate the capital market by monitoring their transactions, utilizing its authority under the Capital Market Law, and fulfilling its responsibility to protect citizens and investors from unfair or improper practices. The CMA is dedicated to ensuring justice, efficiency, and transparency in securities transactions.