The Kuwait Capital Markets Authority has submitted a report to the Attorney General alleging offences under Article 122 of Law No. 7 of 2010, linked to trading in the shares of the First Company for Local Marketing of Fuel (Oula Fuel). The referral concerns suspected pre-coordinated, frequent and reciprocal transactions intended to generate artificial market activity and prices. The Authority said the conduct occurred between 5 January 2025 and 13 March 2025 and led to increased momentum in the stock, a significant rise in its value, and the attraction of traders to buy at artificial prices, enabling the parties to obtain illegal gains. The alleged offences cited are those set out in paragraphs (a) and (b) of item (1) and paragraphs (a) and (c) of item (2) of Article 122 of the law and its amendments.
Kuwait Capital Markets Authority 2025-08-21
Kuwait Capital Markets Authority refers alleged pre-arranged trading in Oula Fuel shares to the Attorney General
The Kuwait Capital Markets Authority has referred a case to the Attorney General alleging violations of Article 122 of Law No. 7 of 2010 related to trading in Oula Fuel shares. The report accuses parties of engaging in pre-coordinated transactions to artificially inflate market activity and prices, resulting in illegal gains. The conduct reportedly occurred between 5 January and 13 March 2025.