The Capital Market Authority Board decided to refer the Chairman and members of the Board of Directors of the Saudi Paper Industries Company, the Audit Committee and the Chief Financial Officer for the period from 2012\/04\/03 to 2015\/04\/26, and the Chairman and Chief Financial Officer for the period from 2015\/04\/27 to 2018\/04\/26, to the Public Prosecution; for suspicion of committing acts that led to creating an incorrect and misleading impression regarding the value of the company's securities.<\/p>\n\n\n\n
In detail, the CMA said: Based on the responsibilities of the Capital Market Authority in protecting citizens and investors from unfair and unsound practices that involve fraud, deception, fraud and manipulation, and working to achieve justice, efficiency and transparency in securities transactions, and based on Article 17 of the Capital Market Law, and in reference to the announcement of the Saudi Paper Industries Company on the website of the Capital Market Company \u201cTadawul\u201d on 1441\/02\/01H corresponding to 09\/30\/2019H regarding the company's quarterly financial statements for the period ending on 06\/30\/2019H published on Tadawul's website and the reservation of the external auditor. 1441\/02\/01H corresponding to 2019\/09\/30M regarding the company's quarterly financial statements for the period ending on 2019\/06\/30M published on Tadawul and the reservation of the external auditor appointed by the company regarding the appropriateness of the accounting treatment followed by the company and approved by the legal accountant in the sale and repurchase of land that took place during the years from 2012 to 2016, which resulted in the Board of Directors of the company to remove the reservation By correcting the previous accounting treatment and adjusting the value of the recovered lands and reducing its value to what it was in the company's records before the sale process that took place in 2012, as stated in the company's announcement, the CMA would like to inform the dealers and investors in the financial market that the decision of the CMA Board was issued to refer the Chairman and members of the Board of Directors of the company, the Audit Committee and the CFO for the session of the Board of Directors of the company for the period 2012\/04\/03 to 2016. for the period from 2012\/04\/03 to 2015\/04\/26, and the Chairman of the Board of Directors of the Company and the Chief Financial Officer for the period from 2015\/04\/27 to 2018\/04\/26, to the Public Prosecution for suspicion of committing acts that led to creating an incorrect and misleading impression regarding the value of the Saudi Paper Industries Company's securities, noting that the case against the suspects was filed with the Securities Dispute Resolution Committee by the Public Prosecution.<\/p>\n\n\n\n
The CMA emphasizes its keenness to enforce the Capital Market Law and its implementing regulations, and to protect the market from illegal practices, noting that those affected by these practices have the right to file a claim for compensation individually or collectively to the Securities Dispute Resolution Committee, provided that this is preceded by submitting a complaint to the CMA (at the link) in this regard, in accordance with Article 30 of the Capital Market Law.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>\u0642\u0631\u0651\u0631 \u0645\u062c\u0644\u0633 \u0647\u064a\u0626\u0629 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0625\u062d\u0627\u0644\u0629 \u0631\u0626\u064a\u0633 \u0648\u0623\u0639\u0636\u0627\u0621 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u0644\u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0648\u0631\u0642 \u0648\u0644\u062c\u0646\u0629 \u0627\u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0648\u0627\u0644\u0645\u062f\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u062f\u0648\u0631\u0629 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0644\u0644\u0641\u062a\u0631\u0629 \u0645\u0646 2012\/04\/03\u0645 \u062d\u062a\u0649 2015\/04\/26\u0645\u060c \u0648\u0631\u0626\u064a\u0633 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 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