ابو الاسهم
05-10-2005, 02:24 AM
Reuters Tuesday, October 04, 2005
Qatar has convicted two senior corporate executives on charges of insider trading on the Doha stock exchange, sources close to the case said
In all about 30 people were accused in the case but charges against the others were dropped after they agreed to pay back money made by illegally trading shares of transport company Qatar Shipping, the sources said
This is the latest market-manipulation case to hit booming Gulf Arab stock markets this year
Many of the region's bourses are dominated by well-connected, powerful investors and public investigations into irregularities are rare
Gulf states are wooing foreign investors to try to develop their financial services industries, raising pressure on authorities to clean up their act
"We have said that we will not tolerate improper actions on the bourse by anyone," a senior Qatar government official said on condition of anonymity
General Manager of Qatar Shipping Nasser Saeed Al Rumaihi is serving a three-month prison term after being convicted on the insider trading charges, the court source said. He has one month left in jail
Saeed Abdullah Al Misnad, former chief executive of Qatar National Bank, was also sentenced to three months in jail but is appealing the court's verdict, said a source close to the investigation
http://www.zawya.com/Story.cfm/sid185083/SecCountries/pagQatar/lok050655051004
Qatar has convicted two senior corporate executives on charges of insider trading on the Doha stock exchange, sources close to the case said
In all about 30 people were accused in the case but charges against the others were dropped after they agreed to pay back money made by illegally trading shares of transport company Qatar Shipping, the sources said
This is the latest market-manipulation case to hit booming Gulf Arab stock markets this year
Many of the region's bourses are dominated by well-connected, powerful investors and public investigations into irregularities are rare
Gulf states are wooing foreign investors to try to develop their financial services industries, raising pressure on authorities to clean up their act
"We have said that we will not tolerate improper actions on the bourse by anyone," a senior Qatar government official said on condition of anonymity
General Manager of Qatar Shipping Nasser Saeed Al Rumaihi is serving a three-month prison term after being convicted on the insider trading charges, the court source said. He has one month left in jail
Saeed Abdullah Al Misnad, former chief executive of Qatar National Bank, was also sentenced to three months in jail but is appealing the court's verdict, said a source close to the investigation
http://www.zawya.com/Story.cfm/sid185083/SecCountries/pagQatar/lok050655051004