The Saudi bourse watchdog fined a former fund manager at a local bank for breaching trading regulations in the latest case of violations to be officially acknowledged in the opaque market. The Capital Market Authority (CMA) fined Abdul Aziz Almediheem SR100,000 ($26,670) and banned him from share trading for three years, it said in a statement posted on its own website, the stock exchange and the official news agency on Thursday. The decision was made after the Appeal Panel affirmed a ruling that Almediheem violated some regulations for persons authorized to deal in shares and others linked to the market's code of ethics. Almediheem said he accepted the charges and agreed to pay the fine. “I don't have a choice, I have to accept it,” he told Reuters by telephone, adding that he was not aware that he was violating the regulations and did not intend to violate them. “If I did I would not have used my father's name,” he said.” CMA said he had violated a regulation that prohibits placing a broker's own orders before those of his clients. He used his father's account, the statement said. It also said Almediheem violated the market's code of ethics. Almediheem's father was also ordered to pay back SR14.9 million from “irregular actions” his son carried out with his account, the CMA said. Almediheem worked as private portfolio manager at Riyad, CMA said. A spokesman for the bank, which is one of Saudi Arabia's four largest by market value said: “The bank terminated his services eight months ago.” Analysts said CMA needs to adhere to corporate governance regulations compulsory for listed firms instead of voluntary in order to achieve greater progress in boosting transparency.
