The Kuwait Capital Markets Authority filed a report with the Prosecutor General on 12 February 2025 concerning alleged offences linked to trading in the shares of Mena Real Estate Company (Mena) and the publication of trading recommendations without authorisation. According to the Authority, eight defendants carried out pre-coordinated, repeated and matching trades in Mena shares between 2 June 2024 and 21 November 2024, creating artificial momentum and a significant increase in the share price that drew other traders to buy at false prices and enabled illegal gains. A ninth defendant allegedly published news, analyses and recommendations on Telegram and WhatsApp without a licence, encouraging dealing in Mena shares during the same period, particularly in September 2024, in a manner linked to the scheme to raise the share price to very high levels and sell large quantities to traders.
Kuwait Capital Markets Authority 2025-02-13
Kuwait Capital Markets Authority refers alleged Mena Real Estate share manipulation and unlicensed social media recommendations to the Prosecutor General
The Kuwait Capital Markets Authority reported alleged trading offences involving Mena Real Estate Company shares to the Prosecutor General. Eight defendants are accused of executing coordinated trades to artificially inflate share prices, while a ninth allegedly disseminated unauthorized trading recommendations on Telegram and WhatsApp. The activities reportedly occurred between June and November 2024, with a focus on September 2024.