The Capital Market Authority Refers Number of Suspects to the Public Prosecution
The Capital Market Authority (CMA) Board issued its resolution to refer number of suspects to the Public Prosecution on suspicion of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations, for their involvement in influencing the outcome of the share offering of National Building and Marketing Co. (“the company”) on the Parallel Market, with the aim of creating a false and misleading impression regarding the security and the company’s fulfillment of the liquidity requirements necessary for listing on the Parallel Market. Additionally, their involvement in executing transition and transactions, in order to fraudulently meet the eligibility criteria for the transition to the main market.
The CMA emphasizes to all market participants that unlawful practices involving fraud, deception, misrepresentation, and manipulation constitute violations that subject perpetrators to legal accountability and the imposition of penalties under the Capital Market Law and its implementing regulations. The CMA underscores its commitment to pursuing those who manipulate the capital market by monitoring their transactions, utilizing its authority under the Capital Market Law, and fulfilling its responsibility to protect citizens and investors from unfair or improper practices. The CMA is dedicated to ensuring justice, efficiency, and transparency in securities transactions.
It is worth noting that the General Secretariat of Committees for Resolution of Securities Disputes will announce to the public the identities of convicted violators on its website upon the issuance of final decisions by the Committee for the Resolution of Securities Disputes regarding criminal cases. Moreover, any person affected by these violations is entitled to file a compensation claim, after conviction, against the violators before the Committee for the Resolution of Securities Disputes, provided that such claim is preceded by a complaint filed with the CMA (via this link) in this regard.