A crackdown on trading irregularities in the Arab world’s largest stock market has led to about 400 cases of suspected market manipulation in the past three years being investigated by Saudi Arabia’s regulator.
In a signal of intent by Saudi authorities on Tuesday, a prison sentence was given for the first time in the country’s history to a defendant convicted of insider trading.
Najm-Eddine Ahmad Najm-Eddine Dhafer, chairman of Bishah Agricultural Development, was given a three-month jail sentence, fined SR100,000 ($26,660) and ordered to repay another SR52,690 that he made in profit.
No comments:
Post a Comment