“Ertiad Holding” was convicted and fined 6.12 million riyals for violating the financial market system

The Capital Market Authority announced the issuance of the final decision of the Appeals Committee for Securities Disputes convicting the Etiyaad Holding Group of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations, and imposing a fine on it amounting to (6.12 million riyals).
According to the Appeals Committee, the final decision was issued convicting the Ertiyad Holding Group for practicing a securities business, which is the activity of (dealing as an agent), by receiving funds and investing them in the Saudi financial market in exchange for a share of the profits, without obtaining a license from the Authority. Financial market.
The final decision of the Appeals Committee in Securities Disputes came as a result of joint coordination and cooperation between the Authority and the relevant concerned authorities, and in light of the general criminal case filed by the Public Prosecution and referred to it by the Capital Market Authority against the convict.