10 investors convicted for violating Saudi stock market rules

The logo of Saudi Arabia's Capital Market Authority. (File photo)
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Updated 14 June 2024
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10 investors convicted for violating Saudi stock market rules

  • 1 imprisoned, all to pay total of $27.1m in fines, compensation
  • Manipulated share prices with false statements of firm’s health

RIYADH:Ten investors have been convicted of violating the Kingdom’s Capital Market Law and ordered to pay the government a total of SR101.7 million ($27.1 million) in fines and compensation for losses, the Saudi Press Agency reported on Thursday.

The Appeal Committee for Resolution of Securities Disputes, or ACRSD, sentenced one of the individuals to imprisonment, the SPA report said. The “final decision” was issued by the ACRSD on Dec. 24, 2023.

The amount of $27.1 million comprised SR670,000 in fines and SR101 million as compensation for losses resulting from the violations committed in their investment portfolios, the report added.

The convictions, which included bans on trading for between one and two years, were announced online in detail by the ACRSD and the Capital Market Authority. According to the ACRSD statement, cases were filed against the 10 investors after referral by the CMA.

Several of the perpetrators had “illegally” disclosed internal information related to the financial position of Abdullah A.M. Al-Khodari & Sons Co. before it was made available to the public.

They had also falsely boosted the value of the firm to manipulate the share price and lure in unsuspecting investors.

In a statement posted on its website and on X, the CMA said: “One of the (convicted) was held responsible for making an incorrect statement in the announcement published by a listed company in the capital market.

“This was done to affect the price of the security or to urge others to purchase the security, in addition to his responsibility for neglecting to disclose essential developments in the company.”

In addition, others “engaged in trading based on the illegally disclosed internal information, intending to benefit from it before it was announced and made available to the general public.”

Named in the ruling were Mish’al bin Abdullah bin Abdulmohsen Alkhudari, Naif bin Abdullah bin Abdulmohsen Alali, Abdulaziz bin Abdullah bin Abdulmohsen Alkhudari, Ghada bint Abdullah bin Abdulmohsen Alkhudari, and Sami bin Abdullah bin Abdulmohsen Alkhudari.

The others named were Fawaz bin Abdullah bin Abdulmohsen Alkhudari, Jameel bin Abdullah bin Abdulmohsen Alkhudari, Ali bin Abdullah bin Abdulmohsen Alkhudari, Fawzi bin Abdullah bin Abdulmohsen Alali, and Fawzia bint Abdullah bin Abdulmohsen Alali.

One investor was ordered to pay the CMA SR50.5 million because of the violations committed in the person’s investment portfolio.

The others were fined sums between SR100,000 and SR12 million.

Investors who had lost money have been urged to file claims for compensation, the SPA stated.


KSrelief’s 11th aid plane lands at Damascus airport

Updated 57 min 8 sec ago
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KSrelief’s 11th aid plane lands at Damascus airport

  • KSrelief dispatched dozens of aid trucks and planes after collapse of Assad regime

RIYADH: The 11th Saudi relief plane landed at Damascus International Airport in Syria on Wednesday as part of a humanitarian airlift launched by the King Salman Humanitarian Aid and Relief Centre.

After the collapse of Bashar Assad’s regime early in December, KSrelief has sent dozens of trucks and planes loaded with food, shelter, and medical supplies to meet the urgent basic needs of Syrians.


Experts discuss AI’s role in enhancing pilgrim experiences

Updated 53 min 35 sec ago
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Experts discuss AI’s role in enhancing pilgrim experiences

  • Discussions at Jeddah conference focus on crowd control, personalized services, sustainable solutions
  • Tamer Bdran, vice president of NEC Saudi Arabia Ltd., discussed the role of global technical solutions tailored to the unique needs of Hajj and Umrah

JEDDAH: Industry experts gathered to discuss how artificial intelligence can enhance the Hajj and Umrah experience for millions of pilgrims worldwide.

The discussions took place at the fourth Hajj and Umrah Services Conference and Exhibition in Jeddah, running until Jan. 16.

The event, themed “The Road to the Nusuk,” is hosted by the Ministry of Hajj and Umrah and the Pilgrim Experience Program, featuring over 300 local and international organizations showcasing innovations to improve the pilgrim experience.

The conversation began with an overview of the current state of Hajj and Umrah, with speakers noting that only 5 percent of available technical capabilities have been utilized so far.

Mohammed Al-Hamid, director of the AI Center at the Ministry of Interior, shared in the session “Personalizing Services for the Guests of Allah: Data and Digital Solutions” that the ministry has made significant progress in data and AI infrastructure.

He added that the ministry has played a key role in transforming the Hajj and Umrah experience into a seamless journey driven by technological innovation.

Al-Hamid said that AI can help manage crowds by tracking movements, identifying potential hazards, and making real-time adjustments to traffic flow.

“We are using AI to develop long-term solutions that enhance the sustainability of Hajj services, including managing human density by analyzing crowd flow and predicting congestion, offering multilingual guidance, utilizing big data to anticipate pilgrims' needs, and efficiently distributing human and technical resources,” he added.

Speakers then expressed optimism about how AI could address the urgent need for faster and more effective services.

Abdulaziz Al-Matahami, deputy minister of planning and digital transformation at the Ministry of Hajj and Umrah, said that the ministry first digitized traditional services, then moved to integrate government agencies to offer customized services for each pilgrim and Umrah performer.

He highlighted the new version of the Nusuk app, which provides comprehensive services such as hotel and flight reservations, historical tours, and permits for the Two Holy Mosques.

Al-Matahami also announced the launch of the Nusuk Business platform, aimed at enhancing integration with entrepreneurs to deliver innovative solutions for serving pilgrims.

In another session titled “Advanced Solutions and Technologies for Effective Crowd Management,” Fahad Al-Ghamdi, CEO of human resources at National Security Services Co., explained that the company operates as an integrated security system, offering consulting, risk analysis, and advanced technical solutions, such as mobile command and control centers with cameras supported by AI to analyze data in real time.

Tamer Bdran, vice president of NEC Saudi Arabia Ltd., discussed the role of global technical solutions tailored to the unique needs of Hajj and Umrah.

He said: “Technologies such as facial and fingerprint recognition, along with simulating crowd flow using supercomputing, have improved planning and reduced waiting times at ports and airports.”

Meanwhile, Saudi Ambassador to Spain Princess Haifa Al-Mogrin visited the Ministry of Interior’s pavilion at the conference. She was briefed on the ministry's efforts and initiatives to ensure a safe Hajj experience, including AI-enhanced security systems, digital solutions for crowd management at holy sites, the “No Hajj Without a Permit” campaign, and the Makkah Route initiative.


Saudi FM arrives in Thailand on official visit

Updated 15 January 2025
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Saudi FM arrives in Thailand on official visit

RIYADH: Saudi Minister of Foreign Affairs Prince Faisal bin Farhan arrived in Bangkok for an official visit to Thailand on Wednesday.

The prince is set to discuss the relationship between Thailand and Saudi Arabia, leading the Kingdom’s delegation at the inaugural meeting of the Saudi-Thai Coordination Council.


Saudi commission registers 3,202 new heritage sites

Updated 15 January 2025
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Saudi commission registers 3,202 new heritage sites

  • Newly registered sites include 16 in Riyadh, eight in Makkah, one in Qassim, two in the Eastern Province, 3,170 in Asir, two in Hail, one in Najran, and two in Baha
  • Commission encouraged citizens and residents to report unregistered heritage sites via the Balagh platform, official social media accounts, or local branches

RIYADH: Saudi Arabia’s Heritage Commission has registered 3,202 new sites in the National Urban Heritage Register, bringing the total to 28,202.

This reflects the richness of Saudi Arabia’s heritage and efforts to document and protect it, the Saudi Press Agency reported on Wednesday.

The newly registered sites include 16 in Riyadh, eight in Makkah, one in Qassim, two in the Eastern Province, 3,170 in Asir, two in Hail, one in Najran, and two in Baha.

This registration follows the promulgation of the Antiquities, Museums and Urban Heritage Law; and a decision by the commission’s board of directors authorizing its CEO to register and protect heritage and archaeological sites.

The commission encouraged citizens and residents to report unregistered heritage sites via the Balagh platform, official social media accounts, or local branches.


Saudi FM discusses regional developments with Russian counterpart

Updated 15 January 2025
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Saudi FM discusses regional developments with Russian counterpart

RIYADH: Saudi Foreign Minister Faisal bin Farhan discussed regional developments and bilateral relations during a phone call with Russian counterpart Sergey Lavrov on Wednesday. 

The ministers discussed bilateral ties and regional developments, a statement on the Saudi foreign ministry account on platform “X”.