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The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (1947/L.S/2020) of 1441 H., dated 13/11/1441 H., corresponding to 04/07/2020G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Muhammad Sameer Muhammad Mustafa and Bayt Alkhebra Alkhaliji Investment and Training Co.

The decision concluded with upholding the decision of CRSD convicting of the abovementioned individual in his presence and default decision against the company for violating Article (31) of the Capital Market Law, as well as Article (5) and Article (17) of the Securities Business Regulations. As the convicted individual enable the company to conduct two securities business practices. Such practices are represented in “Managing and advising" regarding shares of listed companies in the Saudi Exchange, and advertised for such activity in the website named Bayt Alkhebra (http://www.bayt-alkhebra.com), without obtaining a license from the CMA in return for financial fees received by the convicted individual transferred and deposited in his two bank accounts for the benefit of the abovementioned company. Such amounts are then transferred to the company's bank account outside the Kingdom, in return for a percentage from the total transferred amounts in his account.

The ACRSD's decision included the imposition of a number of sanctions according to the following:

First defendant: Muhammad Sameer Muhammad Mustafa:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.
2. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.

Second defendant: Bayt Alkhebra Alkhaliji Investment and Training Co:

1. Imposing a fine upon the Company amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.
2. Imposing a fine upon the Company amounting to (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 or entity in relation to these violations 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).