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. (1788/L.S/2019) of 1441 H., dated 21/01/1441 H., corresponding to 20/09/2019., on the case filed by the Public Prosecution (referred to it by the Capital Market Authority) against Sbaih bin Laila bin Nabhan Alashjai. The ACRSD's decision concluded with the conviction of the aforementioned for violating Article (49) of the Capital Market Law, and Article (2) of the Market Conduct Regulations, by trading in the shares of the following companies; (Lazurde Company for Jewelry, Saudi Arabian Cooperative Insurance Co. and Buruj Cooperative Insurance Co.,) during the period from 24/01/2016 until 18/07/2017. Such practices constituted manipulation and fraud, and created a false and misleading impression on the securities of the aforementioned companies. The ACRSD's decision included a number of sanctions on Sbaih bin Laila bin Nabhan Alashjai, detailed as follows:

1. Imposing a fine on him amounting (SR. 110,000) one hundred ten thousand for these violations.
2. Obliging him to pay (SR. 128,120) one hundred twenty-eight thousand one hundred twenty to Capital Market Authority's account, for the illegal gains resulted from these violations on his investment portfolio.
3. 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 three months, except trading in Investment Funds through Authorised Persons.

Furthermore, any person affected by these acts is entitled to file a compensation claim with the CRSD as per Article (57) of the Capital Market Law, provided that such claim is preceded by a complaint filed with 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, (click here)

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