​In line with the Capital Market Authority’s (CMA) responsibilities to protect the citizens and investors from unfair or unsound practices, and aiming to achieve fairness, efficiency and transparency in securities transactions, and based on Article (17) of the Capital Market Law, the CMA informs the investors and participants in the capital market that a CMA Board resolution has been issued regarding the referral of a suspicion of a violation to the Public Prosecution. The suspicion is regarding the violation of Article (49) of the Capital Market Law by the legally responsible persons in the Saudi Paper Manufacturing Company (Suspects), where they failed to register and disclose the sale transaction of one affiliate of the Company in Morocco (Moroccan Paper Manufacturing Company) in the financial statements (subject of suspicion). Such persons were suspected to have carried out practices that led to creating a false and misleading impression with respect to the security price of the Saudi Paper Manufacturing Company. Moreover, the Public Prosecution has filed the case against the Suspects in the docket of the Committee for the Resolution of Securities Disputes.

The CMA assures its devotion to apply the Capital Market Law and its Implementing Regulations and protect the market from illegal practices. Any person affected by these acts is entitled to file a compensation claim, individually or collectively, to the Committee for the Resolution of Securities Disputes, provided that such claim is preceded by a complaint filed to the CMA (via this link) in this regard, as per Article 30 of the Capital Market Law.