​​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. (1768/L.S/2019) of 1440 H. dated 18/11/1440 H., corresponding to 21/07/2019, on the case filed by the Public Prosecution (referred to it by the Capital Market Authority) against: Sa'ad bin Abdullah bin Muhammad Albwardi. The ACRSD decision concluded with the conviction of the abovementioned for violating Article (49) and Article (31) of the Capital Market Law, as well as for violating Article (2) of the Market Conduct Regulations and Article (5) of the Securities Business Regulations, by trading in the shares of Dar Alarkan Real Estate Development Co. during the period from 05/06/2017 until 07/06/2017. Such practices constituted manipulation and fraud, and created a false and misleading impression to the security of the aforementioned company. The ACRSD's decision included a number of sanctions on the violator, detailed as follows:

1.      Imposing a fine on him amounting (SR.900,000) nine hundred thousand Saudi Riyals against violating Article (49) of the Capital Market Law, as well as for violating Article (2) of the Market Conduct Regulations.

2.      Imposing a fine on him amounting (SR.50,000) fifty thousand Saudi Riyals against violating Article (31) of the Capital Market Law, as well as for violating Article (5) of the Securities Business Regulations.

3.      Obliging him to pay (SR.7,921,915.86) seven million nine hundred twenty-one thousand nine hundred fifteen Saudi Riyals and eighty-six Halals, to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

4.      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 ininvestment funds through Authorised Persons.

5.      Banning him from managing investment portfolios in the Exchange for one year. ​

The ACRSD's decision also included obliging an investor to pay an amount of (SR.842,914.74) eight hundred forty-two thousand nine hundred fourteen Saudi Riyals and seventy-four Halalas to the Capital Market Authority’s account, for the illegal gains on his portfolio, resulted from the trading violations made by the violator Sa'ad bin Abdullah bin Muhammad Albwardi.

Furthermore, any person affected by these acts committed by the convicted person pursuant to Article (49) of the Capital Market Law is entitled to file a compensation claim with the CRSD as per Article (57) of the Capital Market Law. Also, any person who has entered into an agreement or contract with the convicted person in relation to this violation is entitled to file a claim to the CRSD in regards to violation of Article (31) to request the rescission of the agreement or contract and the recovery  of any money or other property he/she paid or transferred under the agreement or contract as per Article (60/b) 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 view the securities and the dates on which the suspected trading occurred​(​ ​​