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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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18/12/2025
Qatar International Islamic Bank (QIIB) listed its sukuk on the Qatar Stock Exchange (QSE) Wednesday, marking a landmark milestone as the first Islamic sukuk to be traded in the QSE's history.
Gulf Times
18/12/2025
stc Group, a leading digital enabler in Saudi Arabia, has signed a new five-year master frame agreement (MFA) with Ericsson to accelerate the delivery of advanced digital infrastructure and boost tec
Trade Arabia
18/12/2025
Tabreed, the world's leading district cooling company, has announced a new sustainability partnership with Sparklo, a UAE-based cleantech company building smart recycling infrastructure.
Th
Trade Arabia
18/12/2025
Action Energy Company (AEC), a leading Kuwaiti onshore drilling and oilfield services provider, said it has successfully commenced trading on Boursa Kuwait's Premier Market following the completion o
Trade Arabia
17/12/2025
Gulf Bank announced the graduation of the first cohort of its Risk Management Academy, launched in collaboration with Gulf University for Science and Technology (GUST), marking a step that reflects t
Kuwait Times
Financial Information Co.
Saudi Arabia