Saudi bourse regulator probing 92 cases


28/03/2009 00:00 AST  Reuters

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.

Market News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP
Most Viewed Companies
Ticker Price Volume
MESC 20.38 2,544,546
RIBL 21.69 921,426
EMAAR 11.05 10,764,006
SAGRINSURANCE 49.57 1,513,813
WALAA 35.34 4,900,612
ALKHODARI 63.17 1,154,281
SPIMACO 52.92 648,191
Recent News

Ooredoo Kuwait cuts jobs as market share shrinks
Ooredoo Kuwait has cut 165 jobs, the country's No 3 mobile operator by subscribers said on Tuesday, as its market share shrinks and profits fall.

The job losses account for about 15 per ce

Zain Bahrain extends IPO subscription period
Zain Bahrain, a leading telecom company in the kingdom, has extended the subscription period for its initial public offering (IPO) until the end of this month.

The IPO started on September

Japan to cut economic assessment for September
TOKYO -- The Japanese government will likely downgrade its monthly assessment of the economy for the first time in five months in September in light of a drop in individual consumption caused by bad

Yen's weakness a 'natural' reflection of US strength: Kuroda
The yen's recent declines against the dollar are in line with U.S. economic conditions, Bank of Japan Gov. Haruhiko Kuroda told reporters Tuesday, signaling once again that he is content to let the J

Deeper Saudi Oil Cuts Seen After Biggest Drop Since ’12: Energy
Saudi Arabia will need to keep cutting oil output to sustain prices above $100 a barrel, even after the kingdom’s largest reduction in two years, according to BNP Paribas SA and Societe Generale SA.<

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

Poll

Which of the following do you think is the best long-term investment?