Saudi CMA imposes fines on 3 firms
Riyadh, June 22, 2010
The Saudi regulator, CMA, has imposed fines of up to $27,000 on three firms for breaching disclosure rules.
It brought to 13 the number of companies fined for violating disclosure regulations since May 16.
Al Baha Investment and Development Co was fined 100,000 riyals ($27,000) for disclosing acquisition plans to the Capital Market Authority after they were leaked to a website, the CMA said.
Methanol Chemicals Co (Chemanol) was also fined 100,000 riyals and Saudi International Petrochemical Co was fined 50,000 for other disclosure violations.
Over the past two years, CMA has stepped up efforts to clamp down on irregularities, imposing one jail sentence and revoking the licences of several brokerage firms for violations. - Reuters