Saudi Arabia’s Capital Market Authority has penalized Maana Investment and its official, Faisal bin Saad Al-Dosari, over alleged unauthorized efforts to raise funds and arrange share offerings.
The Appeals Committee for Resolution of Securities Disputes ordered the company to pay a SAR 1.5M fine. Al-Dosari was fined SAR 750K and sentenced to 90 days in prison.
The case involved agreements with Twenty Sixty Agricultural Company and Mutqin Delivery for Parcel Transport. According to the case details, Maana Investment agreed to manage share subscriptions, bring in investors, meet subscribers and collect funds after proposed changes to the companies’ legal structures and capital, without completing regulatory requirements or obtaining the necessary licenses.
The authority had previously warned against the company after identifying unregulated transactions and fundraising activities. The developments also followed collective lawsuits filed by investors in connection with Twenty Sixty Agricultural Company.
The Riyadh Commercial Court has now started administrative liquidation proceedings against Maana Investment at the request of the Bankruptcy Commission. Creditors have 60 days to submit their claims before the company’s file is closed.
Source: Jawlah
