The General Secretariat
of Committees for Resolution of Securities Disputes (CRSD) announces the
issuance of the Appeal Committee for Resolution of Securities Disputes’ (ACRSD)
decision No. (1810/L.S/2019) of 1441 H., dated 21/02/1441 H., corresponding to 20/10/20 G., in the case
filed by the Public Prosecution (referred to it by the Capital Market
Authority) against: Abdulrazaq bin Ibrahim bin Rashed Almuhsen. The ACRSD's decision
concluded with upholding the decision of CRSD convicting the abovementioned individual
for violating Article (31) of the Capital Market Law, as well as Article (5)
and Article (17) of the Securities Business Regulations, by carrying out securities
business without license, in the form of advising on shares of companies listed
in the Saudi Exchange in return for financial fees, using advertisement through
a website titled “Almashoraksa.Co” and on the social network (Twitter) with the
handle name (@tawsyatkalrabeh).
The decision included imposing
a fine of (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31)
of the Capital Market Law and Article (5) of the Securities Business
Regulations, as well as imposing a fine on him amounting (SR. 50,000) fifty thousand
Saudi Riyals for violating Article (17) of the Securities Business Regulations.
Furthermore, 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 with the CRSD to request the rescission of the
agreement or contract and the recovery of any money or other property paid or
transferred by him 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 with
the Capital Market Authority on this regard via this link (click
here).
