​As part of the Capital Market Authority's responsibilities to protect the market from unfair and unsound practices involving cheating, fraud and manipulation in addition to ensure fairness, efficiency and transparency in securities transactions, and based on Article (17) of the Capital Market Law, the CMA would like to inform the investors and participants in the capital market that a CMA Board resolution was issued  dated 11/7/1437H corresponding to 08/11/2016 to refer a number of suspects in violating Article (49) of the Capital Market Law to the Bureau of Investigation and Public Prosecution as it falls under their jurisdiction according to the regulatory procedures. They were suspected of  conducting businesses that led to an untrue and misleading impression in regard to the value of the company’s security.

The CMA Board has decided to file a separate lawsuit before the Committee of the Resolution of Securities Disputes against some of the Board members, for violating sub-paragraph (2) of paragraph (B) of Article (10) of the Corporate Governance Regulations and Article (44) of the Listing Rules for not complying to the basic duties of the Board and not ensuring the integrity of the financial and accounting procedures in addition to not exercising their duties to serve the interest of the company.

The CMA emphasizes the importance of the compliance of the Board members of listed companies , its executives and all market participants with the Capital Market Law and its Implementing Regulations.