SITC fined by Saudi markets authority

27 Sep 2012

Saudi Arabia’s Capital Markets Authority has fined local telco and internet provider Saudi Integrated Telecommunications Co (SITC) a total of SAR200,000 (USD53,300) for violating its markets laws and listing rules. A report from Gulf News says that the firm failed to inform the Communication and Information Technology Commission (CITC) of a lack of funds which meant it could not fulfil its financial obligations and it did not make all of the required payments for wireless spectrum licences.