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Article: Saudi firm's head jailed for insider trading.(Najm-Eddine Ahmad Najm- Eddine Dhafer of Bishah Agricultural Development)(Brief article)
- Article from:
- Saudi Economic Survey
- Article date:
- August 27, 2009
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ASaudi Arabian financial court has taken the unprecedented step of jailing a violator of stock market regulations, after the chairman of Bishah Agricultural Development Co was found guilty of insider trading.
According to a statement by Capital Market Authority (CMA), the Committee for the Resolution of Securities Disputes (CRSD) has issued a final verdict against Najm-Eddine Ahmad Najm- Eddine Dhafer, jailing him for three months.
The CRSD's ruling found Dhafer "guilty of insider trading in Bishah shares based on him being the chairman of the company's board", CMA said. According to the CMA, a decision by the CRSD may be appealed to the Appeal Panel ...