CMA LAW: The Capital Markets Authority Announces Reporting the Occurrence of a Crime to the Capital Market Prosecution

The Capital Markets Authority (CMA) announces submitting a report to the Attorney General on 01/06/2023 regarding the occurrence of the crimes stipulated in paragraphs (a, b) of Item (1), and paragraphs (a, b) of Item (2) of Article No. (122) of Law No. 7 of 2010 and its amendments. The defendant, in the two trading sessions dated 16/01/2023 and 17/01/2023, through his electronic trading account, executed deals on the shares of the National Real Estate Company that do not reflect a real transfer of ownership of the shares through crossing with himself. This had the effect of raising and lowering the price of the security and benefiting from this criminal act, which resulted in attracting traders to deal with the shares, which helped him to achieve a benefit by selling the amount of shares that he wanted to sell.

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