Saudi CMA fines firm for bourse violation

01/03/2011 00:00 AST

Saudi Arabia’s Capital Market Authority (CMA) has said the chief executive officer of Al-Ahsa Development Co has been fined 100,000 Saudi riyals ($26,667) for violating the rules of the Saudi bourse.

Ali Al-Hassoon was fined for informing media about the firm’s financial statements before they were announced publicly on the bourse, CMA said in a statement posted on the Saudi bourse website.

Over the past couple of years, the oil-rich kingdom’s market regulator has asserted more control over the stock market to stop manipulative and speculative trading, and attract more stable institutional and foreign investors.

The CMA issued its first prison sentence in August 2009, locking up the former chairman of Bishah Agricultural Development Co for three months, and fined Prince Ahmed bin Khaled al-Saud, chairman of Saudi Chemical Co, for disclosure violations in October.


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