Saudi market regulator jails two executives of contractor MMG
The Capital Market Authority's (CMA) Committee for the Resolution of Securities Disputes, which judges securities cases in Saudi Arabia, fined MMG 1.6 billion riyals ($427 million), a representative for the family said.
The committee also sentenced founder Mohammad Al-Mojil and his son Adel Al-Mojil, the firm's chairman, to five years in prison.
MMG has not traded on the Saudi bourse since July 2012, when the CMA suspended it shares over the losses after it over-extended itself trying to take advantage of a construction boom in the kingdom.
The Mojil family denied wrongdoing and said they would appeal the decision, calling the investigative process "defective from the start."
"There has been a fundamental and deliberate lack of due process throughout," the family said.
They allege the men were not given an opportunity to respond to certain of the evidence used against them. ■