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FINANCIAL NEWS
Saudi regulator imposes fine on STC
28 Jun 2010
(MENAFN) Saudi Arabia?s Capital Market Authority said that it has fined state-controlled Saudi Telecoms Co (STC) for violating stock market disclosure rules, Reuters reported.
STC was fined $26,670 for failing to disclose stock option programmes for senior management in its 2009 annual report, the CMA said in a statement.
Saudi Arabia?s stock exchange has been dogged by allegations that it lacks transparency and is vulnerable to price manipulation. But the bourse is gradually opening up to direct foreign ownership amid tough competition and the CMA has stepped up efforts to clamp down on irregularities.
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