RIYADH, Jan 2: Saudi Arabia has fined three stock traders a record 169 million riyals ($45 million) for market manipulation and banned them for three years over the latest scandal to hit booming Gulf Arab bourses.
The Saudi Capital Markets Authority (CMA) said on Monday the men were punished for flouting rules against deliberately providing misleading or advantageous information to investors.
The decision stipulated that they (traders) will be prevented for three years from dealing in listed companies or membership of their boards, the statement said, without disclosing the identity of the traders.
One was fined 146.6 million riyals, another 17.1 million and the third 5.3 million. CMA spokesman Abdelaziz Alzoom said these were heaviest penalties the market regulator had imposed so far.
It’s more serious than previous cases, which were insider trading. This is manipulation of price and giving a false impression (about stocks), he told Reuters.
The Saudi market, the largest in the Arab world, has been tainted by allegations of irregularities as have other bourses in the world’s top oil exporting region.
Although public investigations are relatively rare, authorities across the Gulf are trying to clean up their act as governments woo foreign investors to help develop the financial services industry.
In October the CMA said it was investigating a number of alleged share price manipulations by traders and a broker.
In June it announced that it would punish 44 executives and board members of listed companies after they traded shares in their own companies in the weeks leading up to profit announcements.
The CMA did not say how the traders had manipulated the market in the latest scam but listed the stocks involved as: Saudi Electricity Co., Saudi Advanced Industries Tabuk Agricultural Development, Saudi Industrial Development, Food Products, Riyad Bank, National Gas and Industrialisation, Saudi Automotive.—Reuters
-------------------- Dont buy or sell on my opinions, do your research. Make sure you know what you are buying before you buy.
This is a non reporting pink sheet with very high risk. From high risk comes high rewards. Dont invest more then you can afford to lose.
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imakmony2005
unregistered
posted
mjm2005 Member
Member Rated: posted January 07, 2006 03:02 PM --------------------------------------------------------------------------------
quote: -------------------------------------------------------------------------------- Originally posted by imakmony2005: EVERYWHERE...........LOL --------------------------------------------------------------------------------
Yeah, well...lurking? You seem to have disappeared... You haven't been the same since Thursday... What happened to Mr. "Here's my opinion...blah!...Imak"
-------------------- 815,000 QBID; 250 MCZ; 40 EGHT; 28 STEM; 20 CBTE ...searching for the next one...
DMB Tour 2005--> Hershey, PA; Camden times 2; THE GARDEN!
-------------------------------------------------------------------------------- Posts: 615 | From: Chatham, NJ... and NC-- Wake Forest University | Registered: Jul 2005 | IP: Logged | HOW CAN YOU EVEN ASK WHY IM NOT POSTING YOU HAVE KNOW CLUE AS TO WHAT IS HAPPENING, WRITE YOUR OWN DAM LETTER, DOC AND MYSELF DO HAVE LIFES TO LIVE AND MOUTHS TO FEED.SORRY ABOUT THE SPELLING. AND YES I DO HAVE AN IHUB ACCOUNT.
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-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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imakmony2005
unregistered
posted
Hey MM, You got my PM thats all i have to say.
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-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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quote:Originally posted by Gordon Bennett: Post of the day!
*Bows*
-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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quote:Originally posted by imakmony2005: mjm2005 Member
Member Rated: posted January 07, 2006 03:02 PM --------------------------------------------------------------------------------
quote: -------------------------------------------------------------------------------- Originally posted by imakmony2005: EVERYWHERE...........LOL --------------------------------------------------------------------------------
Yeah, well...lurking? You seem to have disappeared... You haven't been the same since Thursday... What happened to Mr. "Here's my opinion...blah!...Imak"
-------------------- 815,000 QBID; 250 MCZ; 40 EGHT; 28 STEM; 20 CBTE ...searching for the next one...
DMB Tour 2005--> Hershey, PA; Camden times 2; THE GARDEN!
-------------------------------------------------------------------------------- Posts: 615 | From: Chatham, NJ... and NC-- Wake Forest University | Registered: Jul 2005 | IP: Logged | HOW CAN YOU EVEN ASK WHY IM NOT POSTING YOU HAVE KNOW CLUE AS TO WHAT IS HAPPENING, WRITE YOUR OWN DAM LETTER, DOC AND MYSELF DO HAVE LIFES TO LIVE AND MOUTHS TO FEED.SORRY ABOUT THE SPELLING. AND YES I DO HAVE AN IHUB ACCOUNT.
See, now Imak... I don't care about updates (right now)... I understand that the meeting has been delayed... fine, I can wait... I understand that you and Doc spent a lot of time on this... I appreicate that... If I was in the same state, I would write my own ****ing letter and drive up to see the ****ing studio and meet with ****ing Frank... but, I'm on the east coast... I have ****ing college classes to go to this week... I'm sorry for trying to get an education Imak... I apologize, it seems retarded...
All I was looking for was a ****ing hello every once in a while... **** updates... I just wanted to see that you were still around... That Doc didn't get you whacked or something... I don't give a **** about updates until the meeting actually happens... Then I would really like to know whatever you're able to tell us...
And, I asked about the Ihub thing because there's another poster on IHub with "Imakmony2005" as a SN... and people are saying that they doubt that poster's credibility... I was giving you a head's up, in case that wasn't you...so, you could clear that up... but, I'll shut the hell up...
Ahh, I'm just pissed off because my flight is delayed until 7...ahhhh
-------------------- Remember two things: You love New York City and leave only your footprints.
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-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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posted
well take comfort in the fact that Eli got shutout in todays playoff game HAAA HAAAAA!
-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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posted
MJM, I've never been to your airport so I don't know if you have one, but the Seattle-Tacoma airport has a meditation room for people stuck in airports and feeling stressed, I've heard it works. Or try a book or magazine to help pass the time. Good luck, stay cool!
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posted
Look it this way... And, I anticipate firefly or someone (just said some random poster...not singling you out or starting anything with you) telling me to shut the **** up... so, I'll try to keep this brief...
--> I'm bored as hell... The delayed meeting didn't affect me... Imak didn't say ANYTHING in a while (but I saw him on the GZFX board)... and idk what else
--> I send a message "Hey, Imak, where have you been, etc"... No asking for updates... Just a friendly hello... ****, I'll take an angry hello...
--> PT responds, here I'll sum up his doctoral thesis "MJM, **** off"
--> I flip out... I only wanted a greeting from Imak... **** the updates (for now)...
--> Imak PMs me... I'll sum up "MJM, you're a retarded ****, shut the **** up..."
--> And here we have it... I'm pissed
AHHHHHHH... I need stuff to make me feel better...
-------------------- Remember two things: You love New York City and leave only your footprints.
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posted
Shouldent it be "stay warm" this time of year?
quote:Originally posted by LEO: MJM, I've never been to your airport so I don't know if you have one, but the Seattle-Tacoma airport has a meditation room for people stuck in airports and feeling stressed, I've heard it works. Or try a book or magazine to help pass the time. Good luck, stay cool!
-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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posted
mjm i got some vallume i could overnight to you if you require it
-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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quote:Originally posted by Monopoly Money: not good under pressure are you mjm?
not good under pressure are you mjm?
aahhahaha....ah hell leave the kid alone, it's just all that testosterone. That dorm life is gotta suck. That boy needs a fine little filly and a room at the local Motel 6!!!....and quick!
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posted
Yeah if he wants to see ganged up on he needs to go back about a month where i was getting ganked by all the bashers here. Ahhh good times...
quote:Originally posted by Penny-Trader: lookos like he popped a gasket. take a couple breaths MJM you are reading way too much into these messages.
relax, Imakemoney is not trying to hide anything nor is Doc the type of guy to be knocking off anyone.
you have to breath relax, and lighten up just a bit. no one is ganging up on ya, no one is mad at ya.
Ill i was saying is let Imakemoney be he will be here and post when he has something he wants to share.
your alright in my books but you are a bit wound right now so you need to get a drink and relax.
Rod
quote:Originally posted by Monopoly Money: not good under pressure are you mjm?
-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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quote:Originally posted by Monopoly Money: Yeah if he wants to see ganged up on he needs to go back about a month where i was getting ganked by all the bashers here. Ahhh good times...
quote:Originally posted by Penny-Trader: lookos like he popped a gasket. take a couple breaths MJM you are reading way too much into these messages.
relax, Imakemoney is not trying to hide anything nor is Doc the type of guy to be knocking off anyone.
you have to breath relax, and lighten up just a bit. no one is ganging up on ya, no one is mad at ya.
Ill i was saying is let Imakemoney be he will be here and post when he has something he wants to share.
your alright in my books but you are a bit wound right now so you need to get a drink and relax.
Rod
quote:Originally posted by Monopoly Money: not good under pressure are you mjm?
-------------------- Dont buy or sell on my opinions, do your research. Make sure you know what you are buying before you buy.
This is a non reporting pink sheet with very high risk. From high risk comes high rewards. Dont invest more then you can afford to lose.
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posted
yeah but P-T you deserve it, thats the difference
-------------------- M.M. Semester #3 started,Only 7 more semesters to go. Why, in an age where information is so easy to get, cant we find information on one man. Experience is something you dont get until just after you need it.
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