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. (1674/L.S/2019) of 1440H. dated 03/07/1440H., corresponding to 10/03/2019G, in the suit filed by the Public Prosecution against: Ghodayer bin Saleh bin Ghodayer Alrasheed.  

The ACRSD decision included affirming the decision of the Committee for Resolution of Securities Disputes (CRSD) which concluded with convicting the aforementioned individual 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:

(Abdullah A. M. Al-Khodari Sons Co., Tihama Advertising and Public Relations Co., National Agricultural Marketing Co., Tourism Enterprise Co., Saudi Fisheries Co., and Al-Etihad Cooperative Insurance Co.), during the period from 30/10/2014G until 18/12/2014G.

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

Also, the ACRSD decision included affirming the decision of the Committee for Resolution of Securities Disputes CRSD which concluded with convicting the aforementioned individual for violating Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations for managing several portfolios for several investors without being authorised by the Authority. The CRSD decision in which affirmed by ACRSD included imposing a number of sanctions on the violator, as per the following details:

1. Imposing a fine on him amounting (1000,000) One Million Saudi Riyals.
2. 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.

The decision also included obliging one investor to pay (9,914,492.09) Nine Million, Nine Hundred Fourteen Thousand, Four Hundred Ninety Two Saudi Riyals and Nine Halalas to the Capital Market Authority's  account, for  the illegal gains on his investment portfolio resulted from the trading violations made by the violator/ Ghodayer bin Saleh bin Ghodayer Alrasheed.

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)