Saudi Regulator Fines Former Mobily Chairman for Insider Trading - Bloomberg:
"Saudi Arabia’s market regulator fined the former chairman of the kingdom’s second-biggest telecom company for insider trading and ordered his investment firm to pay $75 million.
Abdulaziz bin Saleh bin Abdullah Alsaghyir, who was the chairman of Etihad Etisalat Co., was fined 100,000 riyals ($26.7 million), according to a statement on the Capital Market Authority’s website on Monday. He was also banned from managing portfolios, being an investment adviser and working for any Saudi-listed companies.
Abdulaziz Alsaghyir Business Investment Co., of which Alsaghyir is the founder and chairman, was also ordered to pay 280 million riyals for the avoided losses it avoided on its investment portfolio as a result of the violated trades."
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