Al-Marsad newspaper: The General Secretariat of the Committees for the Settlement of Securities Disputes has condemned the citizen / Sultan bin Awad bin Radda Al-Thaqafi, for his practice of (advising) and (management) in the Saudi stock market, and for making recommendations on the shares of companies listed in the Saudi stock market, in addition to providing services Managing investment portfolios, in return for annual financial contributions, without obtaining a license from the Capital Market Authority, and a fine of 30,000 riyals.
A citizen was convicted of manipulating the shares of 20 companies
It also condemned the citizen: Ahmed bin Shallah bin Munir Al-Harbi, for manipulating and defrauding the shares of 20 companies during the period from 08/26/2020 AD to 09/28/2020 AD, as he purchased shares of a number of listed companies and promoted them from his account on the social networking site. Twitter” with the identifier (the pedigree hunter) with the intent of urging others to buy or sell in the shares of those companies, and then enter sell orders following the share price was affected by an increase.
List of companies whose shares have been manipulated
The list of companies included: Basic Chemical Industries Company, Textile International Trading Company, Seera Holding Group, Alujain Holding Company, Saudi Paper Manufacturing Company, Al-Babtain Energy and Communication Company, Zahrat Al-Waha Trading Company, Al Kathiri Holding Company, Eastern Province Cement Company, United Electronics Company, Middle East Healthcare Company, Dur Hospitality Company, L’azurde Jewelery Company, Saudi Automotive Services and Equipment Company, Fitaihi Holding Group, Al-Andalus Real Estate Company, Malath Cooperative Insurance Company, Saudi Arabian Cooperative Insurance Company, Al-Ahlia Cooperative Insurance Company, and the Arab Insurance Cooperative Company.
Punishment once morest the lineage hunter
The decision included imposing a number of penalties on him, including imposing a fine of 120 thousand riyals on him, and obligating him to pay an amount of regarding 173.5 thousand riyals to the account of the Capital Market Authority, in return for the illegal gains made on his investment portfolio.