The General Secretariat of the Committees for Resolution of Securities Disputes announces (GS-CRSD) the issuance of the Appeal Committee for Resolution of Securities Disputes’ (ACRSD) final decision No. (1881/L.S/2020) of 1441 H., dated 29/06/1441 H., corresponding to 23/02/2020G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Hamada Muhamad Ibrahim Atiyah. The ACRSD's decision concluded with the conviction of the aforementioned 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 form of providing advice on shares of companies listed in the Saudi Exchange in return for financial fees, using advertisement on websites with the handle name (Arbah company) through the following links: (http://www.arbahksa.com) and (http://www.arbahksa.com/index.php).

The ACRSD’s decision included imposing a fine on him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for the violation of Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations, as well as imposing a fine on him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for the violation of 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 CMA on this regard, via the following  link (click here).​