Saudi bourse regulator probing 92 cases


28/03/2009 00:00 AST

Saudi Arabias bourse regulator is probing 92 cases of suspected violations including price manipulation and improper disclosure, the regulators chief said in remarks published on Saturday.

There are 92 cases in the phase of subpoenaing and interrogation, Okaz newspaper quoted Abdul-Rahman al-Tuwaijri, chairman of the Capital Market Authority (CMA), as saying.

The cases are among 151 cases registered last year which involve suspected manipulation, misleading, and irregular disclosures and trading, he said.

We have also filed lawsuit against violators ... But we cannot announce it until verdicts are pronounced, he added.

Like others in the Gulf region, Saudi Arabias stock exchange has been tainted by allegations of insider trading and manipulation of stock prices, and CMA has slapped hefty fines on many investors and executives found guilty of manipulation.

Analysts say CMA needs to make adherence to corporate governance regulations compulsory for listed firms instead of voluntary in order to achieve greater progress in boosting transparency in the Arab worlds largest stock market.

Reuters
Market News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 133.5 479,319
YAMAMAHSTEEL 40.4 8,857,095
SABIC 82 4,472,173
MAADEN 38.3 1,692,385
TAWUNIYA 85.25 28,380
EEC 27.3 259,846
BRES 30.3 576,799
Recent News

Bank ABC wins global award for rebranding
Bahrain-based Bank ABC has won an award at the International Transform Awards Mena 2016 held in Dubai.

The bank which carried out a comprehensive rebranding exercise in 2015 won the Silver

Bahrain asset management sector posts strong growth
Total assets under management by investment firms in Bahrain have seen an increase of more than 13 per cent reaching $19.8 billion at of the end of first quarter from $17.5bn for the same period last

Central Bank of Oman highlights importance of restructuring bank loans
Central Bank of Oman (CBO) has taken a series of precautionary measures for restructuring bank loans, said Ali bin Hamdan Al Raisi, executive vice president of the bank, at a banking workshop.

Sukuk market to witness better activity in Oman
Several Omani private firms are keen to raise funds by way of sukuk or Islamic bond issues, after Mohammed Al Barwani Holding LLC receiving approval from the market watchdog Capital Market Authority

IMF’s tip to go gradual sways economists divining Bank of Russia
Even after almost a year of unchanged rates, caution is still a virtue for economists gauging the Russian central bank’s next move.

All but two of the 25 economists surveyed by Bloomberg agr

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?