CMA LAW: The Capital Markets Authority Announces Reporting the Occurrence of a Crime to the Attorney General

The Capital Markets Authority (CMA) announces submitting a report to the Attorney General on 22/06/2023 regarding the occurrence of the crime stipulated in paragraphs (b) of Item (1) of Article (122) of Law No. 7 of 2010 and its amendments. The defendant, during the period from 02/11/2022 to 26/01/2023 through his electronic trading account and the trading accounts of the company where he works, has entered purchase orders from his personal account in prices that are less than the market’s prevailing price and crossed with the company’s accounts on the shares of the following listed companies: (NBK, Gulf, STC, Agility, IFA, Baitak, ALAFCO, Asia, Aayan Real Estate). Then, he repeated the crossing by selling that quantity purchased in the same session and later sessions through the same accounts, exploiting the authorization issued in his name, to obtain these quantities of shares at the cheapest prices and to ensure selling them at the highest prices. This has affected the share’s turnover, increased the momentum on it and attracted the traders as a result of such illegal practices. This has also enabled him to achieve benefit by selling the amount of shares that he wanted to sell.

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