Announcement for the referral of a suspicion of violating Article (49) of the Capital Market Law and Article (8) of the Market Conduct Regulations to the Public Prosecution
Tuesday, October 06, 2020 at 4:25 PM
Tue Oct 6, 2020 16:25
The Capital Market Authority’s (CMA) Board issued a resolution regarding the referral of a suspicion of violation of Alujain Holding Corporation’s former board of directors’ member, who was removed along with all the members of the company’s board on 14/06/2017G, to the Public Prosecution. The suspicion is regarding the violation of Article (49) of the Capital Market Law and Article (8) of the Market Conduct Regulations. Whereas he, as CEO of the National Petrochemical Industrial Company (NATPET), has included in his statement in the press releases published on Argaam eNewspaper on 12/11/2019G. and 17/12/2019G., false and misleading information regarding Alujain Holding Corporation, for the purpose of creating a false and misleading impression with respect to Alujain Holding Corporations.
Furthermore, the CMA Board issued a resolution regarding the referral of the suspicion of the above-mentioned in violating Article 49 of the Capital Market Law and Article 2 of Market Conduct Regulations to the Public Prosecution. The suspicion is regarding his suspicious trading in the shares of Alujain Holding Corporation on 27/02/2020 and 03/03/2020, through the portfolio of (NATPET) and the portfolio of a company established by (NATPET), which are managed by the above-mentioned.
In this context, The CMA appreciate the efforts and the cooperation with the Oversight and Anti-Corruption Authority in this matter, and assures its devotion to apply the Capital Market Law and its Implementing Regulations to enhance investors and market protection from illegal practices. Any person affected by these acts can file a compensation claim to the Committee for the Resolution of Securities Disputes as per Article 57 of the Capital Market Law provided that such claim is preceded by a complaint filed to the CMA in this regard.