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. (1873/L.S/2020) of 1441 H., dated 17/06/1441 H., corresponding to 11/02/2020G., in the case filed by the Capital Market Authority (CMA) against a number of the board members of Mohammad Al Mojil Group Company; who are: Jasim bin Muhamad bin Ali Alansari, Abdullah bin Muhamad bin Saad Alhriqi, Zaki bin Mansour bin Ahmed Abuasoud and Ahmad bin Naser bin Yaquob Alsowaidan.
The decision concluded with the conviction of the aforementioned individuals for violating Article (44) of Listing Rules amended to Article (66) of the Rules on Offer of Securities and Continuing Obligations. The convicted individuals did not exercise their powers and carry out their duties in such a way as to serve the interest of the issuer (Mohammad Al Mojil Group Company) during the period of the company's post-IPO-stage for the years of 2008G, 2009G, 2010G and 2011G.
The ACRSD decision included imposing fines upon them, according to the following:
- First Defendant: Jasim bin Muhamad bin Ali Alansari
Imposing a fine on him amounting to (SR. 500,000) five hundred thousand Saudi Riyals. - Second Defendant: Abdullah bin Muhamad bin Saad Alhriqi
Imposing a fine on him amounting to (SR. 100,000) one hundred thousand Saudi Riyals. - Third Defendant: Zaki bin Mansour bin Ahmed Abuasoud
Imposing a fine on him amounting to (SR. 500,000) five hundred thousand Saudi Riyals. - Fourth Defendant: Ahmad bin Naser bin Yaquob Alsowaidan
Imposing a fine on him amounting to (SR. 400,000) four hundred thousand Saudi Riyals.
