Saudi Arabia: CMA Fines Billionaire Investor for Insider Trading

Saudi Arabia’s Capital Market Authority has fined billionaire Mohammed bin Ibrahim bin Mohammed al-Issa, an investor and shareholder in several listed companies, for insider trading. The CMA fined Issa 100,000 riyals ($26,667) after an appeal affirmed a ruling that Issa conducted “insider trading in shares of Saudi Hotels Co based on his membership of the company’s board,” Reuters reports.

Issa is reportedly the third biggest retail investor in the Saudi stock market after Prince Alwaleed bin Talal and Suleiman Al-Rajhi, and has a net worth of “some $2 billion,” said Abdulhamid al-Amri, a member of the Saudi Economic Association think tank.

CMA also reportedly ordered Issa to disgorge the 3.37 million Saudi riyals ($898,600) that CMA said he has made in profit from trading in Saudi Hotels’ shares, and banned Issa from working for any listed company for three years.

Read the Reuters article