Official warning. These social media accounts falsified the trading shares of 46 Saudi companies

The Saudi Capital Markets Authority today revealed the release of its board decision, which includes referral of suspicions of 10 suspects violating Article 49 of the Capital Market Law and article 8 of the regulation on the conduct of public prosecutors’ markets, for their conduct of manipulative and deceptive commercial practices. market.

The authority said in a statement that it was by trading (buying) the shares of a number of listed companies and then promoting opinions on the social media site “Twitter” via the username (@ fawzi990) , the identifier (@ asm1414m) and the application of “Telegram” of Through the identifier (ALKING), and the identifier “Abu Nayef Channel”, in order to influence the price of the title, they trade (sell) the shares of listed companies that have been affected by the views that have been promoted.

She added that the suspected cases included their influence on the share prices of 46 companies listed on the Saudi Stock Exchange during the period from February 17, 2020 to September 21, 2020.

The decision is in line with the responsibilities of the Capital Market Authority in protecting the market against unfair and inappropriate practices, and in striving to achieve fairness, efficiency and transparency of securities transactions, and on the basis of Article 17 of the Capital Market Law.

The authority stressed that it would not hesitate to prosecute the manipulators in the financial market by monitoring their transactions according to its powers in accordance with the financial market system and its advanced technical means which allow it to monitor all transactions and to monitor suspected cases, and to take prompt legal action in accordance with laws and regulations, in order to achieve the Authority’s strengthening objectives. Efficiency of the financial market, protection of traders within it against illegal practices and ensuring that they are not exposed to deception or manipulation.

It should be noted that the General Secretariat of Securities Litigation Settlement Commissions announces to the public on its website the identity of the offenders in the final decisions of securities dispute resolution commissions in criminal cases. In accordance with Article 57 of the Capital Market Law, provided that a complaint is filed with the Authority in this regard.