Saudi Arabia fines former fund portfolio manager

The Saudi bourse watchdog fined a former fund manager at a local bank for breaching trading regulations in the latest case of violations to be officially acknowledged in the opaque market.

The Capital Market Authority (CMA) fined Abdulaziz Almediheem 100,000 riyals ($26,670) and banned him from share trading for three years, it said in a statement posted on its own website, the stock exchange and the official news agency on Thursday.

The decision was made after the Appeal Panel affirmed a ruling that Almediheem violated some regulations for persons authorized to deal in shares and others linked to the market's code of ethics.