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, the CMA informs investors and participants in the capital market that a CMA Board resolution has been issued regarding the referral of (15) suspects - including individuals and companies from inside and outside the Kingdom of a suspicion of a violation to the Public Prosecution. The suspicion is regarding the violation of Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations by a number of suspects by carrying out practices that involve manipulative and deceptive acts in market trades, where the suspicion case was regarding the entry of purchase orders that aims to influence the share price, and the entry of sell orders that aims to influence the share price, and the entry of purchase orders in the closing auction with the aim of achieving a high closing price on the shares of Dar Alarkan Real Estate Development Company, which resulted illegal gains on the investment portfolios (under suspicion)  in the amount of (SR. 96,180,526.30) Ninety-six million one hundred and eighty thousand five hundred twenty-six Saudi Riyals and thirty Halalas.

The CMA is committed to apply the Capital Market Law and its Implementing Regulations, and protect the market from illegal practices. It is worth noting that the General Secretariat of Committees for Resolution of Securities Disputes will announces to the public the identities of convicted violators on its website upon the issuance of final decisions by the Committees for Resolution of Securities Disputes regarding criminal cases. Moreover, any person affected by these violations is entitled to file a compensation claim, after conviction, against the violators before the Committee for the Resolution of Securities Disputes as per Article 57 of the Capital Market Law, provided that such claim is preceded by a complaint filed to the CMA (via this link) in this regard.

(To view the dates of trading and the securities in relation to the violation, click here)​