Al-Marsad newspaper: The legal advisor, Muhammad Al-Musfer, revealed the possibility of seizing the properties of the Al-Bunyan family in violation of the financial market system.
Reserve the wallet
He said during an intervention with Al-Ikhbariya channel: “When the Appeals Committee issues a final decision, it is implemented directly by the Public Prosecution and the Capital Market Authority.”
He continued: “The portfolios are immediately seized by the Capital Market Authority because according to the system, trading in securities is stopped and the transactions that took place are seized.”
distress
He added: “If the amounts in the confiscated wallets are not sufficient to cover the payment, their other funds will be seized, including bank balances, real estate, and others.”
condemnation
It is worth noting that the Securities Disputes Appeals Committee convicted eight investors of violating the Financial Market Law and its executive regulations, fined them 9.6 million riyals, and obligated them to pay 292.8 million riyals for the illegal gains made on their investment portfolios, in addition to 3 other portfolios belonging to the minor children of one of the convicts. As a result of their manipulation and deception during their trading in the shares of two companies listed on the financial market, and the transfer of ownership of the shares between them to increase the percentage of their ownership in them in an unannounced manner to the public, and influencing the price of the shares and exiting at the same time.
Names of convicts
According to the Capital Market Authority, the Appeals Committee issued its final decision convicting: Abdulaziz bin Abdullah bin Issa Al-Bunyan and four of his male sons, Faisal, Sultan, Abdullah and Fahd, and two of his daughters, Reem and Nouf, along with Hind bint Muhammad bin Abdulrahman bin Asaker, for violating Article (49). ) of the Financial Market Law, and Article (2) of the Market Conduct Regulations.
Video | Will the Al-Bunyan family’s property be seized for violating the financial market system?
Legal Advisor Muhammad Al-Musfer: If the amounts in the wallets are not sufficient to cover the payment, the other funds will be seized#trading_papers#News pic.twitter.com/SRSXIsPaAL
– Economy News (@ekhbariya_eco) December 14, 2023
2023-12-14 23:48:45
#AlBunyan #familys #property #seized #violating #financial #market #system #Watch #legal #advisor #answers
