Fined Saudi investor accepts verdict

A top Saudi retail investor denied on Saturday that he engaged in insider trading but said he accepted a verdict earlier this week by the bourse's watchdog which fined him for the alleged practice.

The Capital Market Authority said it had fined Mohammed bin Ibrahim bin Mohammed al-Issa 100,000 riyals ($26,667) after an appellate body affirmed a ruling that he conducted "insider trading in shares of Saudi Hotels Co based on his membership of the company's board".

Issa told the news agency Reuters he was not considering altering his stake in any of the firms in which he is a shareholder, including Saudi Hotels, Savola Group, Riyad Bank and Banque Saudi Frans, Calyon's Saudi affiliate.