Banking & Finance Saudi tribunal fines investors over stock market violations By Andrew Hammond August 18, 2023, 10:50 AM Reuters/Faisal Al Nasser A trader at work in Riyadh. The Saudi authorities are on a drive to stamp out corruption A stock market tribunal has issued a final ruling and fined three investors in construction firm Al Kathiri Holding. The trio were penalised for withholding the size of their share ownership over a four-month period before the company listed on the main stock exchange in 2019. An appeal committee of the Resolution of Securities Disputes fined Sultan bin Abdulaziz bin Abdullah al-Banyan and his brothers Abdullah and Fahd a total of 300,000 Saudi riyals ($80,000). Saudi anti-corruption body arrests 107 officials Court rules against Binladin Group in crane tragedy Saudi bourse owner’s profit dips 24% to $28m in Q2 2023 They were also ordered to pay the Stock Market Authority 60 million riyals to cover illegal financial gains that accrued to them. Shareholders were invited to raise complaints for financial losses caused as a result of the misrepresentation of their holdings. Details of the decision were reported on August 18 by the Saudi online paper Al-Marsd, which said the decision was issued in July. The legal case was raised by state prosecutors. Established in 2008 to deal in the sale and transportation of cement and white pebbles, Al Kathiri Holding later became a joint-stock company listed on the Saudi bourse. Saudi authorities have been on a drive to stamp out corruption as the country implements its Vision 2030 to diversify its revenue base. An anti-corruption agency called the Oversight and Anti-Corruption Authority – known as Nazaha – has ramped up its operations since the government launched a major anti-graft campaign in 2017. Nazaha issues monthly reports on investigations into government officials and publicises the number transferred to prosecution.
