RIYADH // Saudi Arabia has fined an important local investor and shareholder in several listed companies for insider trading, according to the regulator's website.
The Capital Market Authority (CMA) said it fined Mohammed al Issa 100,000 riyals (Dh98,064) after an appeal affirmed a ruling that he had conducted "insider trading in shares of Saudi Hotels Co based on his membership of the company's board".
Reuters was unable to contact al Issa directly and a member of his family said he had declined immediate comment.
"He is the third-biggest retail investor in the Saudi stock market ? Mr al Issa is worth some US$2 billion (Dh7.34bn)," said Abdulhamid al Amri, a member of the Saudi Economic Association think tank.
Al Issa was also ordered to pay the CMA the 3.37 million riyals the watchdog said he had made in profit from trading in Saudi Hotels's shares. The CMA also banned al Issa from working for any listed company for three years.
According to Saudi bourse data, al Issa is the top shareholder in Saudi Hotels and the Savola Group, and holds a 10 per cent stake in Riyad Bank and a 5 per cent stake in Banque Saudi Fransi, Calyon's Saudi affiliate.
Officials at Savola, Fransi and Riyad confirmed their shareholder was the same one fined by the CMA.
Saudi Arabia's stock exchange has been dogged by allegations of insider trading and manipulation of stock prices, and the CMA has handed out heavy fines on many investors and executives found guilty of manipulation.
"Insider trading is plaguing the Saudi market probably more than any other market in the world," Mr al Amri said. "The CMA action will increase confidence in the market,especially with foreign investors."
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
SPECS
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Barbie
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Brief scores:
Day 1
Toss: South Africa, field first
Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48
South Africa (1st innings) 123-2: Markram 78; Masood 1-4
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
UAE currency: the story behind the money in your pockets
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Pakistanis%20at%20the%20ILT20%20
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
