Al-Marsad Newspaper: Financial advisor Khaled Al-Zaidi indicated, through an intervention with Al-Ekhbariya TV, that there was a story of manipulation that occurred from 3 companies in the Saudi market, “Al-Mojil”, “Al-Khodari” and “Dar Al-Arkan” shares.
And Al-Zaidi said: “There is a manipulation that occurred from the Al-Mojil and Al-Khudari companies in the financial statements, which did not happen from the Dar Al-Arkan company, as the latter’s manipulation was in the buying and selling of the share trading during the day.”
Manipulation of Al-Moajil and Al-Hadani companies
He added, “The manipulation of the Al-Mojil and Al-Khodari companies was in the item of shareholders’ rights specifically, and these rights are considered a source of funding for the company’s business.”
He continued his speech by explaining: “For example, we find that the shareholders’ equity in Al-Mojil Company in 2009 was greater than the company’s capital upon incorporation, and this is a clear term for dealers in the financial markets.”
Company deterioration
Al-Zaidi explained: “After that, the company’s condition began to deteriorate, and shareholders’ equity decreased from 1.8 billion to 1.5 billion, until it completely disappeared in 2012, and the matter escalated until the company became indebted to 2 billion riyals, and cases began to rise against Al-Mojil Company as well as the Al-Khodari Company.”
Dar Al-Arkan
As for Dar Al-Arkan Company; Al-Zaidi said: “As we indicated, the problem lay with the dealers in the financial markets. They gave the impression that there are requests to buy the stock and that it will go up or down. They deceived the simple citizen and made great gains as a result of this matter.”
profits
He concluded his speech by saying: “The profits that were reaped from this matter in Dar Al-Arkan Company amounted to 1.2 billion riyals, and the fine that was imposed is not commensurate with these gains, as it was estimated at about 5 million riyals.”
2023-07-23 21:37:22
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