The General Secretariat of Committees for Resolution of Securities Disputes (CRSD) announces the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) decision No. (1756/L.S/2019) of 1440 H. dated 05/11/1440 H., corresponding to 08/07/2019, on the case filed by the Public Prosecution (referred to it by the Capital Market Authority) against Salah bin Abdullah bin Abdulqader Alqadhi. The ACRSD's Decision concluded with the conviction of the aforementioned for violating Article (49) of the Capital Market Law, as well as for violating Article (2) of the Market Conduct Regulations, by trading in the shares of the following companies; (Abdullah A. M. Al-Khodari Sons Co., Saudi Ceramic Co., Zamil Industrial Investment Co., Saudi Arabian Mining Co., Bawan Co., Al-Yamamah Steel Industries Co., Seera Group Holding (Previously known as "Atayyar Group"), Al-Babtain Power and Telecommunication Co., Saudi Marketing Co. (Farm Superstores), Alandalus Property Co., National Agricultural Development Co., Arabia Insurance Cooperative Co., Al-Sagr Cooperative Insurance Co., and United Cooperative Assurance Co.) during the period from 01/10/2015 until 04/11/2015 and from 01/12/2015 until 26/09/2016. Such practices constituted manipulation and fraud, and created a false and misleading impression to the securities of the aforementioned companies. The ACRSD's decision included a number of fines on the violator, detailed as follows:
- Imposing a fine on him amounting (SR. 310,000) three hundred ten thousand Saudi Riyals for these violations.
- Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or in favor of others, for a period of one year, except trading through investment funds at Authorized Persons.
- Banning him from managing investment portfolios in the Exchange for one year.
The ACRSD's decision also included obliging the heirs of the late investor to pay to the CMA account an amount of (SR. 274,545.46) two hundred seventy-four thousand five hundred forty-five Saudi Riyals and forty-six Halalas, for the illegal gains on his portfolio, resulted from the trading violations made by the violator Salah bin Abdullah bin Abdulqader Alqadhi.
Furthermore, any Person affected by these acts is entitled to file a compensation claim to the CRSD as per Article (57) of the Capital Market Law, provided that such claim is preceded by a complaint filed to the Capital Market Authority on this regard, via the following link: (click here)
(To preview the violation trading history and the concerned security, click here)
