In reference to the announcement of the Capital Market Authority (CMA) on 19/12/1439 H. corresponding to 30/08/2018, regarding the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) decision No. (1479/L.S/2018) of 1439 H., dated 18/11/1439 H., corresponding to 31/07/2018, on the case filed by the CMA against: Nawaf bin Mohammed bin Sukhaiber Alharbi and Saleh bin Bandar bin Nasser Alharbi and others. The ACRSD's decision concluded with the conviction of the abovementioned individuals for violating Article (49) of the Capital Market Law, as well as Article (2) and Article (3) of the Market Conduct Regulations. The decision included the imposition of a number of sanctions upon them according to the details stated in the abovementioned announcement;

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) decision No. (1846/L.S/2019) of 1441 H., dated 23/04/1441 H., corresponding to 20/12/2019, based on the petition to re-examine the case filed by Saleh bin Bandar bin Nasser Alharbi. The decision included the conviction of Nawaf bin Mohammed bin Sukhaiber Alharbi for violating Article (49) of the Capital Market Law, as well as Article (2) and Article (3) of the Market Conduct Regulations, represented in the violation acts committed in his investment portfolio and the portfolio he managed that belongs to Saleh bin Bandar bin Nasser Alharbi. The decision concluded with the imposition of a number of sanctions detailed as follows:

First: Nawaf bin Mohammed bin Sukhaiber Alharbi

1. Imposing a fine on him amounting (SR. 810,000) eight hundred and ten thousand Saudi Riyals.
2. Obliging him to pay (SR. 704,138.45) seven hundred and four thousand and one hundred thirty-eight Saudi Riyals and forty-five Halalas to the CMA's, 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 (3) years. Provided that the period of banning imposed against him according to the ACRSD's decision No. (1479/L.S/2018) of 1439 H. is calculated.

Second: Saleh bin Bandar bin Nasser Alharbi:

1. Non-conviction of the violation of Article (49) of the Capital Market Law, as well as Article (2) and Article (3) of the Market Conduct Regulations.
2. Obliging him to pay to the CMA's account, the illegal gains resulted from these violations on his investment portfolio and committed by Nawaf bin Mohammed bin Sukhaiber Alharbi, amounted (SR. 754,941.45) seven hundred fifty-four thousand and nine hundred forty-one Saudi Riyals and forty-five Halalas.

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 CMA on this regard, via the following link: (click here).  

(To view the dates of trading and securities in question, click here)