Arabtec's Riad Kamal:'I was ignorant of the rules'
Arabtec founder admits share trading ten days before announcements
Arabtec founder Riad Kamal has spoken of his ‘ignorance’ of trading rules after being slapped with a six-month share dealing ban.
Earlier yesterday, the boss of the UAE’s biggest contractor was barred from dealing in UAE stocks for a period of six months, following an investigation by the Abu Dhabi Securities Exchange.
Speaking to Arabian Business this morning, Kamal – one of the most respected figures in the industry – said he has sold Arabtec stock less than ten days before making company announcements.
“I was ignorant of the rules and regulations. We were not aware that you could not trade in the stocks for a period of ten days before or after announcements, and that is what I did,” he said.
Kamal added that the transactions were made in 2009, but were not profitable to him.
“If anything it was bad judgment to sell, as we performed well after the announcements. But I simply didn’t know the rules. I was not aware of this. These were personal transactions, and it is only right that we have the right governance to make sure the regulations are followed,” he said.
It is understood no other Arabtec directors have been suspended from share trading.
Kamal added: “I look at this now as a positive thing, it shows that we have the right standards and procedures, and that they must be followed at all times.
“I have spoken with the regulator and of course I accept their decision, I have learned from this, it is my mistake and we will move on,” he said.