The Kuwait Capital Markets Authority filed a report with the Attorney General alleging the occurrence of criminal offences linked to trading in MENA Real Estate Company (MENA) shares and the dissemination of trading recommendations without a licence. The referral covers conduct by eight persons between 2 June 2024 and 21 November 2024 involving pre-arranged, frequent and opposite trades among themselves that allegedly increased momentum and materially inflated MENA’s share price, drawing in public trading at artificial prices and enabling illegal gains. A ninth individual, described as operating without a CMA licence, allegedly published news, analysis and recommendations via Telegram and WhatsApp and encouraged trading in MENA during the same period, particularly in September 2024, in a way associated with the alleged scheme. The CMA cited suspected breaches under provisions of Kuwait’s Capital Markets Law and its executive bylaws on market conduct, as well as provisions of the Publications and Publishing Law as criminalised under the Anti-Cyber and Information Technology Crimes Law.
Kuwait Capital Markets Authority 2025-02-13
Kuwait Capital Markets Authority refers alleged MENA Real Estate share manipulation and unlicensed stock tipping to the Attorney General
The Kuwait Capital Markets Authority reported alleged criminal offences in MENA Real Estate Company share trading to the Attorney General. Eight individuals are accused of manipulating MENA's share price through pre-arranged trades, and a ninth allegedly disseminated unlicensed trading recommendations via Telegram and WhatsApp, breaching Kuwait’s Capital Markets Law, executive bylaws, and the Anti-Cyber and Information Technology Crimes Law.