CMA refers former Alujain board member to Public Prosecution for suspicious trading

The Capital Market Authority’s (CMA) board referred a former board member of Alujain Holding Corp., who was dismissed along with the other members of the company’s board on June 14, 2017, to the Public Prosecution, it said in a statement today.

The suspicion is for violation of Article (49) of the Capital Market Law and Article (8) of the Market Conduct Regulations whereas the former director, in his capacity as the CEO of the National Petrochemical Industrial Company (NATPET) gave false and misleading statements in the press releases published on Argaam on Nov. 12, 2019, and Dec. 17, 2019, regarding Alujain to create a false and misleading impression with respect to the company.

Furthermore, the CMA board issued a resolution regarding the referral of the same person to the Public Prosecution, on suspicious trading in the shares of Alujain on Feb. 27, 2020, and March 3, 2020, through the portfolio of NATPET and the portfolio of a company established by NATPET, which are managed by the above-mentioned.

Any person affected by these acts can file a compensation claim with the Committee for the Resolution of Securities Disputes as per Article 57 of the Capital Market Law provided that such claim is preceded by a complaint filed to the CMA in this regard.