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- Lebanon receives preliminary approval to increase World Bank loan to $400m
- China Exempts Some Goods from US Tariffs to Limit trade War Pain
- Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as 9th year milestone marked
- Foreign investors remain net buyers of GCC stock market in first quarter
- Quarterly earnings announcement, tariff hold supports QSE index rise
- Gold prices drop more than 1%
- Saudi Arabia's Vision 2030 enters final phase with strong momentum
- Saudi Arabia takes part in European Economic Congress
- UAE jobs: Etihad Airways to hold career fair for Emiratis on May 22
- Adnoc Distribution to operate 500 high-power EV chargers by 2028
28/02/2018 06:20 AST
Saudi Arabia's market regulator fined the former chairman of the kingdom's second-biggest telecom company for insider trading and ordered his investment firm to pay $75 million.
Abdul Aziz Bin Saleh Bin Abdullah Al Saghyir, who was the chairman of Etihad Etisalat Co., was fined 100,000 riyals ($26,600), according to a statement on the Capital Market Authority's website on Monday. He was also banned from managing portfolios, being an investment adviser and working for any listed companies Saudi Arabia.
Abdulaziz Alsaghyir Business Investment Co., of which Al Saghyir is the founder and chairman, was ordered to pay 280 million riyals for the losses it avoided on its investment portfolio as a result of the violated trades.
Mobily, as the mobile phone operator is known, is recovering from accounting irregularities discovered in 2014 that led to more than 1 billion riyals of losses, a $9 billion slump in market value and cost the company its chief executive officer. Over that year, Al Saghyir's investment company sold 9.49 million shares in Mobily, or about two-thirds of its stake.
The shares lost 38 per cent last year, and are down 2.6 per cent this year.
The market regulator started a probe into the company's finances and the activities of some unidentified executives in 2015.
Gulf News
26/03/2018
PRINCE Abdullah Bin Bandar, acting Emir of Makkah Province, and Eng. Maziad Alharbi, chief technology officer of Mobily, signed a strategic partnership agreement at the headquarters of the governorat
Saudi Gazette
21/03/2018
ETIHAD Etisalat 'Mobily' in cooperation with Ericsson are preparing an IoT world program to be the first of its kind in the Kingdom that aims to create an interactive platform between university stud
Saudi Gazette
04/03/2018
Etihad Etisalat (Mobily), a leading telecom services operator in Saudi Arabia, has signed an agreement with Nokia Company to launch 5G tests for the first time in the kingdom.
The duo is c
Trade Arabia
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26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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