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. (2027/L.S/2020) of 1442 H., dated 19/02/1442 H., corresponding to 06/10/2020, in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against (16) violators. Their names are: Najla bint Fahad bin Muhammad Abunayyan, Khalid bin Saleh bin Hamad Alrayyis, Aws bin Abdulaziz bin Hamad Alsalim, Ali bin Mahmoud Fatuni, Muhammad bin Naser bin Abdullah Alaskar, Saud bin Abdullah bin Sa'dan bin Sa'dan, Maher bin Sa'ad bin Darwish Jan Alsubhi, Muhammad bin Abdulrahman bin Muhammad Alshuhail, Abdulaziz bin Muhammad bin Othman Alhulailah, Ali bin Khatm bin Shaimi Alsalami, Jawaher bint Mohsen bin Nahar Alda'ajani, Thamer bin Faisal bin Thamer Al Saud, Moudi bint Thunayan bin Muhammad Al Saud, Badr bin Abdulaziz bin Ibrahim Almuhanna, Musa'ed bin Abdullah bin Sa'dan bin Sa'dan, and Ghudyer bin Saleh bin Ghudyer Alrasheed.

The decision concluded with imposing fines upon the above individuals totaling (SR. 10,075,000) ten million seventy five thousand Saudi Riyals, and obliging them to pay the illegal gains resulted from these violations on their investment portfolios and the portfolios of a number of investors which is managed by some of the convicted individuals, totaling (SR. 135,243,870.62) one hundred thirty five million two hundred forty three thousand eight hundred seventy Saudi Riyals and sixty two Halalas.

The abovementioned individuals were convicted of violating Article (49) of the Capital Market Law, as well as Article (2) of the Market Conduct Regulations, when trading in the shares of the following companies: (Takween Advanced Industries Co., Saudi Paper Manufacturing Co., Saudi Public Transport Co., Tihama Advertising and Public Relations Co., Saudi Industrial Export Co., National Agricultural Marketing Co., Tourism Enterprise Co., Red Sea International Co., Saudi Printing and Packaging Co., Ash-Sharqiyah Development Co., Saudi Indian Company for Cooperative Insurance, and Al Alamiya for Cooperative Insurance Co.) During the period from 02/04/2013 until 27/05/2014. These acts and practices constituted manipulation and fraud, and created a false and misleading impression on the securities of the aforementioned companies.

The decision also concluded with the conviction of Ghudyer bin Saleh bin Ghudyer Alrasheed for violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations for carrying out securities business represented in “Managing" without obtaining a license from the CMA.

The decision included the imposition of a number of sanctions upon them according to the following:

First defendant: Najla bint Fahad bin Muhammad Abunayyan:

1. Imposing a fine upon her amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 468,017) four-hundred sixty eight thousand and seventeen Saudi Riyals, against the illegal gains achieved as a result of these violations.
3. Banning her from managing portfolios and working as an investment advisor for a period of one year.
4. Banning her from working in companies listed in the Exchange for a period of one year

1. Banning her from trading by purchasing shares of companies listed on the Exchange for her own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Second defendant: Khalid bin Saleh bin Hamad Alrayyis:

1. Imposing a fine upon him amounting to (SR. 280,000) two hundred-eighty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 56,203,495.78) fifty-six million two hundred and three thousand four hundred ninety-five Saudi Riyals and seventy eight Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Third defendant: Aws bin Abdulaziz bin Hamad Alsalim:

1. Imposing a fine upon him amounting to (SR. 120,000) one hundred twenty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 336,720.75) three hundred thirty-six thousand seven hundred twenty Saudi Riyals and seventy-five Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Fourth defendant: Ali bin Mahmoud Fatuni, (in absentia):

1. Imposing a fine upon him amounting to (SR. 345,000) three hundred forty-five thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 477,022.35) four hundred seventy-seven thousand and twenty-two Saudi Riyals and thirty-five Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Fifth defendant: Muhammad bin Naser bin Abdullah Alaskar:

1. Imposing a fine upon him amounting to (SR. 225,000) two hundred twenty-five thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 148,779.85) one hundred forty-eight thousand and seven hundred seventy-nine Saudi Riyals and eighty-five Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Sixth defendant: Saud bin Abdullah bin Sa'dan bin Sa'dan:

1. Imposing a fine upon him amounting to (SR. 150,000) one hundred fifty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 386,079.90) three hundred eighty-six thousand and seventy-nine Saudi Riyals and ninety Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Seventh defendant: Maher bin Sa'ad bin Darwish Jan Alsubhi:

1. Imposing a fine upon him amounting to (SR. 105,000) one hundred five thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 229,440.95) two hundred twenty-nine thousand and four hundred forty Saudi Riyals and ninety-five Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Eighth defendant: Muhammad bin Abdulrahman bin Muhammad Alshuhail:

1. Imposing a fine upon him amounting to (SR. 60,000) sixty thousand Saudi Riyals.
2. Banning him from managing portfolios and working as an investment advisor for a period of one year.
3. Banning him from working in companies listed in the Exchange for a period of one year.
4. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Ninth defendant: Abdulaziz bin Muhammad bin Othman Alhulailah:

1. Imposing a fine upon him amounting to (SR. 80,000) eighty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 57,464) fifty-seven thousand four hundred sixty-four Saudi Riyals, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Tenth defendant: Ali bin Khatm bin Shaimi Alsalami:

1. Imposing a fine upon him amounting to (SR. 75,000) seventy-five thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 2,028,583.09) two million twenty-eight thousand five hundred eighty-three Saudi Riyals and nine Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Eleventh defendant: Jawaher bint Mohsen bin Nahar Alda'ajani:

1. Imposing a fine upon her amounting to (SR. 120,000) one hundred twenty thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 578,021.10) five hundred seventy-eight thousand and twenty-one Saudi Riyals and ten Halala, against the illegal gains achieved as a result of these violations.
3. Banning her from managing portfolios and working as an investment advisor for a period of one year.
4. Banning her from working in companies listed in the Exchange for a period of one year.
5. Banning her from trading by purchasing shares of companies listed on the Exchange for her own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Twelfth defendant: Thamer bin Faisal bin Thamer Al Saud:

1. Imposing a fine upon him amounting to (SR. 195,000) one hundred ninety-five thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 1,231,336.30) one million two hundred thirty-one thousand three hundred thirty-six Saudi Riyals and thirty Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Thirteenth defendant: Moudi bint Thunayan bin Muhammad Al Saud:

1. Imposing a fine upon her amounting to (SR. 45,000) forty-five thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 38,887.15) thirty-eight thousand eight hundred eighty-seven Saudi Riyals and fifteen Halala, against the illegal gains achieved as a result of these violations.
3. Banning her from managing portfolios and working as an investment advisor for a period of one year.
4. Banning her from working in companies listed in the Exchange for a period of one year.
5. Banning her from trading by purchasing shares of companies listed on the Exchange for her own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Fourteenth defendant: Badr bin Abdulaziz bin Ibrahim Almuhanna:

1. Imposing a fine upon him amounting to (SR. 225,000) two hundred twenty-five thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 308,197.05) three hundred eight thousand one hundred ninety-seven Saudi Riyals and five Halala, against the illegal gains achieved as a result of these violations.
3. Banning him from managing portfolios and working as an investment advisor for a period of one year.
4. Banning him from working in companies listed in the Exchange for a period of one year.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Fifteenth defendant: Musa'ed bin Abdullah bin Sa'dan bin Sa'dan:

1. Imposing a fine upon him amounting to (SR. 150,000) one hundred fifty thousand Saudi Riyals.
2. Banning him from managing portfolios and working as an investment advisor for a period of one year.
3. Banning him from working in companies listed in the Exchange for a period of one year.
4. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.

Sixteenth defendant: Ghudyer bin Saleh bin Ghudyer Alrasheed:

1. Imposing a fine upon him amounting to (SR. 7,600,000) seven million six hundred thousand Saudi Riyals for violating Article (49) of the Capital Market Law, as well as Article (2) of the Market Conduct Regulations.
2. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations.
3. Banning him from managing portfolios and working as an investment advisor for a period of ten years.
4. Banning him from working in companies listed in the Exchange for a period of ten years.
5. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of ten years, excluding trading through investment funds with Authorised Persons.

The decision also included obliging a number of investors to pay to the CMA account the amount of (SR. 72,751,825.35) seventy-two million seven hundred fifty-one thousand and eight hundred twenty-five Saudi Riyals and thirty-five Halala, for the illegal gains achieved in their investment portfolios that resulted from the illegal trading done by the convicted persons; Badr bin Abdulaziz bin Ibrahim Almuhanna, Musa'ed bin Abdullah bin Sa'dan bin Sa'dan, and Ghudyer bin Saleh bin Ghudyer Alrasheed.

Furthermore, any person affected by these acts related to violating Article (49) of the Capital Market Law, as well as Article (2) of the Market Conduct Regulations is entitled to file a compensation claim with the CRSD as per Article (57) of the Capital Market Law. Additionally, any person who has entered into an agreement or contract with the convicted person; Ghudyer bin Saleh bin Ghudyer Alrasheed, in relation to violating Article (31) of the Capital Market Law 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 (File Complaint Link).

(To view the dates of trading and securities in relation to the violations, click here)