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28/02/2018 06:20 AST
Saudi Arabia's market regulator fined the former chairman of the kingdom's second-biggest telecom company for insider trading and ordered his investment firm to pay $75 million.
Abdul Aziz Bin Saleh Bin Abdullah Al Saghyir, who was the chairman of Etihad Etisalat Co., was fined 100,000 riyals ($26,600), according to a statement on the Capital Market Authority's website on Monday. He was also banned from managing portfolios, being an investment adviser and working for any listed companies Saudi Arabia.
Abdulaziz Alsaghyir Business Investment Co., of which Al Saghyir is the founder and chairman, was ordered to pay 280 million riyals for the losses it avoided on its investment portfolio as a result of the violated trades.
Mobily, as the mobile phone operator is known, is recovering from accounting irregularities discovered in 2014 that led to more than 1 billion riyals of losses, a $9 billion slump in market value and cost the company its chief executive officer. Over that year, Al Saghyir's investment company sold 9.49 million shares in Mobily, or about two-thirds of its stake.
The shares lost 38 per cent last year, and are down 2.6 per cent this year.
The market regulator started a probe into the company's finances and the activities of some unidentified executives in 2015.
Gulf News
26/03/2018
PRINCE Abdullah Bin Bandar, acting Emir of Makkah Province, and Eng. Maziad Alharbi, chief technology officer of Mobily, signed a strategic partnership agreement at the headquarters of the governorat
Saudi Gazette
21/03/2018
ETIHAD Etisalat 'Mobily' in cooperation with Ericsson are preparing an IoT world program to be the first of its kind in the Kingdom that aims to create an interactive platform between university stud
Saudi Gazette
04/03/2018
Etihad Etisalat (Mobily), a leading telecom services operator in Saudi Arabia, has signed an agreement with Nokia Company to launch 5G tests for the first time in the kingdom.
The duo is c
Trade Arabia
| Ticker | Price | Change |
|---|---|---|
| STC | 42.45 | 0.25 (0.59 |
| ZAINKSA | 10.82 | 0.12 (1.12 |
| ATHEEBTELECOM | 107.40 | 0.80 (0.75 |
13/01/2025
Aldar Properties, Abu Dhabi's biggest listed developer, has raised Dh9 billion ($2.45 billion) in a sustainability-linked revolving credit facility from a syndicate of 15 UAE-based and international
The National
12/01/2025
Ooredoo announced on Sunday the appointment of Sheikh Nasser bin Hamad al-Thani as the new chairman of Ooredoo Kuwait.
Most recently, Sheikh Nasser was appointed as Group Regional CEO for th
11/01/2025
One of the fastest-growing logistics businesses in Mena region, GWC has marked "20 years of excellence and innovation", achieved significant milestones and won prestigious awards, solidifying its pos
Gulf Times
11/01/2025
Almarai, the world's largest vertically integrated dairy company and the world's fourth most valuable dairy brand in 2024, has successfully implemented RISE with SAP on Google Cloud. This milestone m
Saudi Gazette
05/01/2025
Elm, a pioneer in digital solutions, enhanced its brand identity, reflecting the company's ambitious and prominent objective. Leveraging comprehensive knowledge, a forward-thinking mindset, and a pro
Financial Information Co.