Two individuals, Mohammed bin Nawaf bin Mohammed Al-Harbi and Nawaf bin Mohammed bin Jumaan Al-Sukhaibar Al-Harbi, have been fined a total of 11.1 million riyals for encouraging investments in specific companies via social media platform X. The duo, operating under the accounts @mnawafms and @nawafmsz, were found guilty under the Capital Market Law by the Securities Disputes Appeal Committee. They disseminated opinions on the platform with the intent to manipulate the stock prices of 17 listed companies on the Saudi Stock Exchange, inciting others to trade in these companies' shares through their accounts.
The penalties imposed include a 500,000 riyal fine for Mohammed bin Nawaf bin Mohammed Al-Harbi, who is also barred from trading or purchasing in the Saudi financial market directly or indirectly, except through investment funds at financial market institutions, for two years. Additionally, he is prohibited from working in entities supervised by the Capital Market Authority for the same period. Nawaf bin Mohammed bin Jumaan Al-Sukhaibar Al-Harbi faces a more substantial fine of 10.6 million riyals and similar trading restrictions for five years, along with a five-year ban from working under the Capital Market Authority's oversight.
The identities of the offenders were made public following the confirmation of their violations and the issuance of the final verdict by the Securities Disputes Appeal Committee. They promoted investments in companies such as Bank Aljazira, Sadr Logistics Services Company, and Methanol Chemicals, among others. The authority has pledged to continue its vigilance in detecting and prosecuting such violations, ensuring the imposition of stringent penalties to deter future misconduct.
