CMA refers 2 investors in Rawasi Albina to Public Prosecution

Logo of Capital Market Authority (CMA)

The Capital Market Authority (CMA) referred two investors to the Public Prosecution on suspicion of violating Article (49) of the Capital Market Law and Article (7) of the Market Conduct Regulations.

These violations are represented by making a false statement in the registration document for the direct listing of shares of Rawasi Albina Investment Co. on the Nomu-Parallel Market.

The statement pertained to the actual ownership percentage available to the public, resulting in a misleading and incorrect impression regarding the fulfillment of the liquidity requirements mentioned in the company's offering registration document, the regulator said.

The CMA also emphasized to all market participants that any unlawful practices involving fraud, deception, misrepresentation, and manipulation shall constitute violations that subject perpetrators to legal accountability and the imposition of penalties under the Capital Market Law and its implementing regulations.

Further, the market regulator underscored its commitment to detecting capital market violators 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. It also stressed its dedication to ensuring justice, efficiency, and transparency in all securities transactions.

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 Appeal Committee for the Resolution of Securities Disputes regarding their 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 in this regard.