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

The Capital Markets Authority announces the submission of a report to the Attorney General on 08/06/2023 regarding the occurrence of the crimes stipulated in paragraph (b) of Item (1), and paragraph (c) of Item (2) of Article (122) of Law No. 7 of 2010 and its amendments. The defendants (6 traders) from 03/07/2022 to 30/8/2022 through their electronic trading accounts, conducted trades on the shares of the (INOVEST) Company using misleading and illegal means, represented in performing several transactions that were crossed in a prior coordinated manner at different prices and on several trading sessions on a daily basis, which led to increasing the  momentum on the share and raising its price, which resulted in attracting traders to deal on the security at these prices. They attained benefit as a result of selling the amount of shares they wanted to sell.

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