The General Secretariat of Committees for Resolution of Securities Disputes announces the issuance of the Appeal Committee for the Resolution of Securities Disputes' resolution dated 25/07/1440 H, corresponding to 01/04/2019 G.
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The General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes, decision No. (1684/L.S/2019) of 1440 H. dated 25/07/1440 H., corresponding to 01/04/2019G, on the suit filed by the Public Prosecution against: Majed bin Humaid bin Bakheet Aluhaibi.
The ACRSD decision text concluded with the conviction of the abovementioned inpidual for violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations, when trading in shares of the following companies:
(Saudia Dairy and Foodstuff Co., Jabal Omar Development Co., and Wataniya Insurance Co.) during the period from 09/12/2013G to 26/12/2013G.
Such acts and practices constituted manipulation and fraud, and created a misleading and incorrect impression regarding the security of the abovementioned companies.
The decision of the ACRSD concluded with the imposition of a number of sanctions upon the convicted inpidual, as per the following details:
1. Imposing a fine on him amounting (180,000) One Hundred Eighty Thousand Riyals for these violations.
2. Obliging him to pay (151,607.75) One Hundred Fifty One Thousand, Six Hundred Seven Saudi Riyals and Seventy Five Halalas to the Capital Market Authority's account, for the illegal gains resulted from these violations.
3. Prohibiting him from trading by buying shares of the companies listed on the Exchange for his own account or in favor of others, for a period of one year.
4. Prohibiting him from working in companies listed on the Exchange for a period of one year.
Any person affected by these acts may file a compensation suit to the Committee as per Article 57 of the Capital Market Law, provided that such suit is preceded by a complaint filed with the Authority.