Sunday 31 January 2010
Saudi Regulator Fines Six Investors for Bourse Violations
The Saudi bourse regulator has ordered six investors to pay a total 278.1 million riyals ($74.16 million) for trading violations, it said in a statement on Saturday.
Like others in the Gulf region, Saudi Arabia's stock exchange has been dogged by allegations of being opaque and subject to manipulation of stock prices, and the regulator has slapped hefty fines on investors and executives found guilty of violations.
An appeals panel of the Capital Market Authority issued a final ruling in the case of the six men found guilty of violating trading regulations in transactions with shares in Tihama Advertising and Public Relations Co <4070.SE> in 2006, the CMA said in the statement on the bourse website.
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