Court Acquitted A Citizen Of Sealing Deals To Purchase Bogus Shares In Kuwait Capital Market

The Misdemeanor Court acquitted a citizen of sealing deals to purchase bogus shares in Kuwait Capital Market with the intention of enticing more people to buy, which led to falling prices of shares. A legal researcher at the Capital Market Authority said he was monitoring transactions when he discovered the suspect was frequently transacting business with shares of a company within the past two months in a manner likely to Contravene Article 122 of Law No. 7/2010. He reduced the price of shares by selling few quantities for low prices. He later increased the price to attract buying and selling through which he earned profits. Lawyer Abdul-Aziz Al-Benwan in his defense denied the allegation against his client. He said the defendant did not mean any harm and didn’t do anything criminal. He said engaging in capital market transactions should not attract punishment. He argued that his client did not have previous knowledge of the market prices, low or high.

 

SOURCE : ARABTIMES

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