The Financial Market announces the referral of two investors to the Public Prosecution

The Capital Market Authority Board issued a decision to refer two investors to…
This is on suspicion of violating Article Forty-Nine of the Financial Market Law and Article Seven of the Market Conduct Regulations.

Incorrect statement

They also ask about making an incorrect statement in the registration document for the shares of Rawasy Al-Bina Investment Company, which was directly listed on the parallel market, which related to the actual ownership percentage available to the public.
This led to a misleading and incorrect impression regarding the fulfillment of the liquidity requirements mentioned in the company’s stock registration document.
The Authority confirms to all traders in the financial market that illegal practices that involve fraud, deceit, fraud and manipulation are considered a violation that exposes their perpetrators to legal accountability and the imposition of penalties stipulated in the Financial Market Law and its executive regulations.

Prosecuting financial market manipulators

It stresses that it will not hesitate to pursue financial market manipulators by monitoring their transactions based on its powers in accordance with the financial market system, and based on its responsibility to protect citizens and investors from unfair or unsound practices, and to work to achieve justice, adequacy and transparency in securities transactions.
The General Secretariat of the Committees for Resolving Securities Disputes will announce to the public on its website the identity of the violators when violations are proven and final penal decisions are issued by the Securities Disputes Appeals Committee against them.
The person harmed by these violations, after they are proven, has the right to file a lawsuit against the violators to demand compensation before the committees for settling securities disputes, provided that this is preceded by submitting a complaint to the Authority in this regard.