Saudi Bishah chmn jailed for insider trading

The Chairman of Bishah Agricultural Development Co has been sentenced to three months in jail after he was found guilty of insider trading, the Saudi bourse watchdog said on Tuesday.

Market watchers said it was the first time stock market violations had led to a jail term.

The Capital Market Authority said in a statement that the Committee for the Resolution of Securities Disputes (CRSD) issued a final verdict against Najm-Eddine Ahmad Najm-Eddine Dhafer.

The watchdog said Dhafer conducted "insider trading in Bishah shares based on him being the chairman chairing the company's board". He was also fined and ordered to repay any profits made.END