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Saudi market watchdog imposes $27,000 fines

22 Jun 2010

(MENAFN) The Saudi Capital Market Authority (CMA) has imposed fines of up to $27,000 on three firms for violating disclosure rules, Reuters reported.

The watchdog brought to 13 the number of companies fined for violating disclosure regulations since May 16.

It fined Al Baha Investment and Development Co with $27,000 for disclosing acquisition plans to the authority after they were leaked to a website.

While Methanol Chemicals Co (Chemanol) was also fined 100,000 riyals and Saudi International Petrochemical Co was fined $13,332 for other disclosure violations.

Over the past two years, CMA has boosted efforts to crack down on irregularities, imposing one jail sentence and revoking the licenses of several brokerage firms for violations.

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