Saudi Arabia's Capital Market Authority announced that 17 suspects tied to Cenomi Retail have been referred to the Public Prosecution, which has filed a penal case before the Committee for Resolution of Securities Disputes. The group includes former and current board members, a chief executive officer, several financial managers and members of the audit team at the company's former auditor. The suspected misconduct covers the Capital Market Law and Market Conduct Regulations, with certain board members and the acting CEO also facing suspected breaches of the Companies Law. The action followed a CMA Board decision based on a forensic inspection conducted by a team appointed to examine the company and its accounts under Article Five(c) of the Capital Market Law and Article 270 of the Companies Law. The inspection indicated suspected involvement in creating a false and misleading impression regarding the value of the company's security and in using company funds and delegated authority against the company's interests for personal purposes and to benefit companies in which the suspects had an interest. The General Secretariat of the Committee for Resolution of Securities Disputes will publish the identities of the violators once violations are confirmed and final decisions are issued. Investors harmed by the violations, once confirmed, may seek compensation before the committee after first filing a complaint with the CMA.

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