Recommended action against eleven people who rigged the Saudi stock market. The action was taken by the Saudi Capital Markets Authority. They were found guilty of issuing fake purchase orders to increase the share price of the companies.
The action was recommended against eleven people suspected of being accomplices in the crime. The investigation has revealed that they have been committing atrocities for the last eleven months. Shares of two major companies were traded. The company traded by falsely entering purchase orders to raise stock prices. The share value of a company that committed such fraud was as high as 1106 percent. The stock rose to 222.4 riyals from 18.44 riyals. Shares of the second company also rose 224 percent.
The Saudi Capital Markets Authority (SCAA) has warned that the crackdown on stock market frauds will intensify and crack down on criminals. The authority said the names of the accused would be made public once the final verdict in the case is announced.
— .
