The General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes (ACRSD) decision No. (1661/L.S/2019) of 1440H. dated 20/06/1440H., corresponding to 25/02/2019G, in the suit filed by the Public Prosecution against Mansour bin Abdullah bin Ghazi Alnefai'i.

The ACRSD decision text concluded with convicting the aforementioned individual for violating Article 49 of the Capital Market Law, Article 2 and Article 8 of the Market Conduct Regulations, by purchasing the shares of a number of listed companies and promoting such shares afterwards through his social media account (Twitter) under the username (سهم بلاميعاد@reyufl), with the intention of influencing others to purchase or sell in these companies' shares, and then entered sell orders after the prices of such shares increased.

Such acts and violating practices were performed on the shares of the following companies as follows: (Takween Advanced Industries Co., National Gypsum Co., Saudi Industrial Development Co., Al-Ahsa Development Co., United Electronics Co., Middle East Healthcare Co., Saudi Public Transport Co., Aseer Trading, Tourism and Manufacturing Co., Makkah Construction and Development Co., Halwani Bros. Co., Tabuk Agricultural Development Co., Malath Cooperative Insurance Co., Al-Sagr Cooperative Insurance Co., Saudi Re for Cooperative Reinsurance Co., Saudi Enaya Cooperative Insurance Co., and Alinma Tokio Marine Co.) during the period from 29/10/2013G until 28/12/2016G.

These acts and practices were manipulative and fraudulent and created a false and misleading impression in regards to the security of the abovementioned companies.

The decision of the ACRSD imposed number of sanctions on the violator, as per the following details:

1. Imposing a fine on him amounting (250,000) Two Hundred Fifty Thousand Saudi Riyals for these violations.
2. Obliging him to pay (128,333.97) One Hundred Twenty Eight Thousand, Three Hundred Thirty Three Saudi Riyals and Ninety Seven Halalas to the Capital Market Authority's account, for the illegal gains resulted from these violations on his investment portfolio.  
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 three months, excluded from that,  trading through investment funds by the Authorized Persons.

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. 

(To view the dates of trading and the securities in relation to the violations, click here)