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Saudi Arabia: Mohammed Al-Mojil Group executives sentenced
The CMA in November 2014 filed a case against MMG board members to do with violations of the Capital Market Law during the company’s 2008 initial public offering (IPO). The CMA said it was brought “for conducting practices that formed manipulation and fraud and created a misleading and incorrect impression regarding the value of MMG security.” The three executives were not named by the CRSD but are understood to include former chairman Mohammed Bin Hamad Al-Mojil and his son Adel, the current chairman. Both men received a five-year sentence. Fines totalling some SR1.62bn ($432m) were handed down for illegally gained profits.
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