- Home
- Market News & Reports
- Market News
- News Details
Web Content Viewer
ActionsThe Capital Market Authority Licenses Dinar Investment Company to Conduct Arranging, Managing Investments and Operating Funds, and Custody Activities in the Securities Business and its Completion of the Commencements of Business Requirements
In accordance to the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H and its Implementing Regulations, the Capital Market Authority announces that Dinar Investment Company has completed the commencements of business requirements to conduct Arranging, Managing Investments and Operating Funds, and custody Activities in the Securities Business licensed as per CMA resolution dated 04/08/1445H corresponding to 14/02/2024G.
Back to Market NewsRelated News
-
Capital Market Authority: Convicting Three Al-Khodari Co. Employees for Violating the Capital Market Law, Its Implementing Regulations, and the Companies Law, with Fines of SAR 3.95 Million and Imprisonment for One of Them
The Capital Market Authority (CMA) announces the issuance of the final decision by the Appeal Committee for the Resolution of Securities Disputes (ACRSD), convicting three employees of Abdullah A. M. Al-Khodari Sons Co. for violating Article (49/a) of the Capital Market Law, Article 7 of the Market Conduct Regulations, and Article (211/a) of the Companies Law, issued by Royal Decree No. (M/3), dated 28/01/1437H. The convicted individuals have been ordered to pay a sum of SR 3.95 million, with one of them sentenced to imprisonment. According to the ACRSD, the final decision was issued convicting Sohail Sa'eed Mohammed Sa'eed, as Director of the Financial Department at Abdullah A. M. Al-Khodari Sons Co., Kailash Nath Sadangi, as Chief Financial Officer of the Company, and Fawaz bin Abdullah bin Abdulmohsen Alkhodari, as Chief Executive Officer of the Company, for violating Article (49/a) of the Capital Market Law, and Article (7) of the Market Conduct Regulations, for performing acts that inflated the revenues of (4) construction projects in the Company's financial statements during the period from the fiscal year ending on 31/12/2010 until the fiscal year ending on 31/12/2017, through manipulating the application of the (Revenue Standard) and (Accounting Standard for Construction and Service Contracts) approved by the Saudi Organization for Certified Public Accountants (SOCPA), and the International Financial Reporting Standard (15) – (Revenue from Contracts with Customers), as it was found that the costs used in calculating the percentage of project completion differ from the actual costs registered in the Company's records, hence showing the annual financial statements for the periods in question contrary to reality, thus creating a false and misleading impression regarding the value of the Company's security. The ACRSD's final decision also included the conviction of Fawaz bin Abdullah bin Abdulmohsen Alkhudari, as Chief Executive Officer of the Company, for violating Article (211/a) of the Companies Law, issued by Royal Decree No. (M/3) dated 28/01/1437 H., for the failure to prove the losses related to (6) construction projects withdrawn from the Company in the financial statements of the fiscal year ending on 31/12/2017, with the intent of concealing the Company's financial position, in violation of the International Financial Reporting Standard (Financial Instruments) and the International Accounting Standard (Provisions, Contingent Liabilities, and Contingent Assets). According to the decision, Fawaz bin Abdullah bin Abdulmohsen Alkhudari was sentenced to six months in prison and fined twice: SAR 3.25 million for violating the Companies Law and SAR 400K for violating the Capital Market Law and its implementing regulations. Additionally, Sohail Sa'eed Mohammed Sa'eed was fined SAR 100K, and Kailash Nath Sadangi was fined SAR 200K. Furthermore, all three convicted individuals were banned from working in companies whose shares are traded in the Saudi Exchange for a period of three years. The CMA stresses the importance of investors' confidence in the capital market for its growth and prosperity. The CMA continuously monitors any violating behaviors of the Capital Market Law, its Implementing Regulations, and the regulations enforced by the CMA, identifies the perpetrators, and processes the necessary procedures to impose deterrent penalties against them, in order to enhance the CMA's efforts aimed at creating an attractive investment environment to all categories of investors and safe from unfair or unsound practices or that involve fraud, cheating, deception or manipulation. Furthermore, any person affected by these violations, in this case, is entitled to file a compensation claim (as individual or class action) against those convicted persons with the Committee for Resolution of Securities Disputes (CRSD) for the damage he/she suffered from these violations, provided that such claim is preceded by a complaint filed with the CMA on this regard, via the following link: (File Complaint). The General Secretariat of the Committee for Resolution of Securities Disputes (GS-CRSD) will announce to the public on its website in case of registering any class action in order to enable the rest of investors affected by such violations to apply to the CRSD to join the class action. For further announcement's details, kindly visit the official website of General Secretariat of the Committees for Resolutions of Securities Disputes, via the following link: Announcement from the General Secretariat of the Committees for Resolution of Securities Disputes Click Here
07/11/2024 18:19:52 -
The CMA Approves the Registration of "Sultan Ahmed Mohammed AlShubaily Certified Public Accountant Company" to Carry on Audit Engagements for Entities Subject to Its Supervision
The Capital Market Authority (CMA) Board issued its resolution approving the registration of Sultan Ahmed Mohammed AlShubaily Certified Public Accountant Company to carry on audit engagements for entities subject to CMA’s supervision, in accordance with the conditions and limitations set by CMA based on its authority under the Capital Market Law and Its Implementing Regulations. The CMA’s approval on registering the Company comes with the purpose of carrying on the auditing engagements for ESAS, as the financial statements and financial information are considered a main factor to enhance the confidence of the market and raise the level of transparency and disclosure in the capital market, and since it is the means through which the entities can deliver the financial information to the users of the said statements to take their decisions at the right time. With this new registration, the number of registered accounting firms with the CMA has now increased to 16, while the total number of registered Certified Public Accountants (CPA) has reached 52. It is worth mentioning that in 2018, the CMA issued, for the first time, the implementing regulations to regulate ESAS’s auditors with the name "Rules for Registering Auditors of Entities Subject to the Authority's Supervision". These Rules aim to set out the standards and conditions to be met by the auditors of the entities subject to the authority's supervision, including conditioning their registration. In addition, the continuing obligations imposed on the registered auditors. In 2022, CMA amended the said Rules with the aim of developing the procedures of registering ESAS’s auditors. To review the list of CMA-registered Accounting Firms and Auditors, kindly visit the following link: https://cma.org.sa/en/Market/rafs/Pages/default.aspx
07/11/2024 16:42:20 -
The Securities Depository Center Company (Edaa) Announces Implementing a Corporate Action on Jabal Omar Development Co. Securities
The Securities Depository Center Company (Edaa) announces implementing securities quantity Increase for Jabal Omar Development Co. on the Center’s Accounts of eligible securities’ holders today 04/05/1446H, corresponding to 06/11/2024G.
06/11/2024 16:01:18 -
The Capital Market Authority Licenses Hasseef Investment Company to Conduct Managing Investments Activity in the Securities Business and its Completion of the Commencements of Business Requirements
In accordance to the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H and its Implementing Regulations, the Capital Market Authority announces that Hasseef Investment Company has completed the commencements of business requirements to conduct Managing Investments Activity in the Securities Business licensed as per CMA resolution dated 28/08/1444H corresponding to 20/03/2023G.
06/11/2024 15:37:34 -
The Capital Market Authority Licenses Himmah Capital investment Company to Conduct Arranging and Advising Activities in the Securities Business and its Completion of the Commencements of Business Requirements
In accordance to the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424H and its Implementing Regulations, the Capital Market Authority announces that Himmah Capital investment Company has completed the commencements of business requirements to conduct Arranging and Advising Activities in the Securities Business licensed as per CMA resolution dated 29/07/1444H corresponding to 20/02/2023G.
05/11/2024 15:44:03