CMA refers 11 investors to Public Prosecution over suspicious trading in Al Kathiri, Anaam shares

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Saudi market regulator, Capital Market Authority (CMA), announced today, Dec. 23, referring 11 investors, who are suspected of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations, to the public prosecution.

Those investors are accused of suspicious trading in shares of Al Kathiri Holding Co. and Anaam International Holding Group, while placing buy orders during the period from Dec. 5, 2019 to Nov. 15, 2020, to hike the closing prices for both stocks.

This came in line with the CMA’s efforts to protect the market from unfair as well as illegal practices, including deceit, cheating, fraud and manipulation, and to ensure market efficiency and transparency.