Is Saudi Arabia launching a crackdown on white-collar crime?

Good morning, wonderful people — we hope you had a fantastic Eid vacation and are not dreading (too much) the return to the grind.

We typically start June bracing for companies and governments alike to start throwing buzzer-beaters as the 1H window comes to a close and folks start eyeing summer vacations. We have no clue what to expect this year, with talks for an extended ceasefire with Iran looking set to drag on … and on.

C-suite execs across the region are hoping things cool soon, setting up a busy fall season for events of all forms, but it’s anyone’s guess what this week will look like — let alone September.

MEANWHILE- We’re watching Saudi Arabia for signs the Kingdom is getting serious about clamping down on white-collar crime and corporate malfeasance. The Capital Market Authority has just fined 11 Saudi German Health board and audit-committee members a collective SAR 18 mn over revenue misstated between 2018 and 2021, according to a disclosure. The news came only weeks after the Kingdom hauled 17 people — including current and former board members and execs — into court over allegations they had manipulated the share price of embattled retailer Cenomi Retail. –Patrick