The Capital Market Authority (CMA) announced penalties imposed on three employees of a company for the violation of various provisions of the Capital Market Law. The penalties include SR 3.95 million in fines imposed on 3 employees and six-month jail for one of them. The Appeal Committee for the Resolution of Securities Disputes (ACRSD) under CMA convicted three employees of Abdullah A. M. Al-Khodari Sons Co. for violating various provisions of the Capital Market Law and the Companies Law. According to the ACRSD, the final decision was issued convicting Sohail Sa’eed Mohammed Sa’eed, director of the Financial Department at the company, Kailash Nath Sadangi, Chief Financial Officer of the company, and Fawaz bin Abdullah bin Abdulmohsen Alkhodari, 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 four construction projects in the company’s financial statements during the period from the fiscal year ending on December 31, 2010 until the fiscal year ending on December 31, 2017. It was found that the costs used in calculating the percentage of project completion differed from the actual costs registered in the company’s records. The […]