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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
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20/10/2025
Italy's air safety regulator is investigating after an Air Arabia plane, soon after taking off from Catania Airport in Sicily, descended dangerously close to the Mediterranean Sea in what is being ca
Khaleej Times
19/10/2025
Aiming to acquire global insights, play a role in policy discussions, and strengthen its international credibility, Commercial Bank has participated in the 2025 annual meetings of the International M
Gulf Times
19/10/2025
QNB Group signed a Memorandum of Understanding (MoU) with the Qatar Association of Certified Public Accountants (QACPA) to establish a collaborative framework aimed at advancing professional knowledg
Gulf Times
19/10/2025
Kuwait Finance House (KFH) Group has been recognized with nine prestigious awards in the 18th Global Finance annual awards for the Best Islamic Financial Institutions in 2025. The awards acknowledge
Kuwait Times
19/10/2025
IHC, an Abu Dhabi-based investment company focused on building dynamic value networks, has announced the acquisition of a majority stake in the state-owned First Women Bank Limited (FWBL), based in K
Trade Arabia
Financial Information Co.
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