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. (2028/L.S/2020) of 1442 H., dated 19/02/1442 H., corresponding to 06/10/2020 G, in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Nasser bin Fadhi bin Rubah Alrashidi, Rubah bin Fadhi bin Rubah Alrashidi, Murdhi bin Ali bin Turaikhem Alrashidi, Fahad bin Shakhas bin Muhamad Alghamdi, Khalaf bin Thuwab bin Mubrak Almutairi, Dulail bin Samir bin Masoud Alazmi, Anad bin Trad bin Tulayhan Alenezi, Ayed bin Ali bin Turaikhem Alrashidi, Turki bin Najm bin Ismail Almutairi, Mansourah bint Fadhi bin Rubah Alrashidi, Hamoud bin Sultan bin Misha'al Albuqumi, Yousef bin Muqhem bin Mubarak Almutairi, Haya bint Swaireh bin Eid Alrashidi, and Abdullah bin Ayed bin Ali Alrashidi.

The decision concluded with the conviction of the abovementioned individuals for violating Article (49) of the Capital Market Law, as well as Article (2) of the Market Conduct Regulations, in addition to the conviction of Nasser bin Fadhi bin Rubah Alrashidi for violating Article (8) of the Market Conduct Regulations, for committing a number of violating acts and practices when trading in the shares of the following companies:  

1. Takween Advanced Industries Co.,
2. Middle East Paper Co.,
3. Basic Chemical Industries Co.,
4. Saudi Arabian Mining Co.,
5. Astra Industrial Group,
6. Naseej International Trading Co.,
7. Al Hassan Ghazi Ibrahim Shaker Co.,
8. United Wire Factories Co.,
9. Electrical Industries Co.,
10. Saudi Steel Pipe Co.,
11. Methanol Chemicals Co.,
12. Savola Group,
13. Saudi Pharmaceutical Industries and Medical Appliances Corp.,
14. National Gas and Industrialization Co.,
15. National Gypsum Co.,
16. Wafrah for Industry and Development Co.,
17. Saudi Cable Co.,
18. Saudi Advanced Industries Co.,
19. Saudi Industrial Development Co.,
20. AYYAN Investment Co.,
21. the National Company for Glass Industries,
22. Saudi Arabian Amiantit Co.,
23. Alujain Holding Corp.,
24. Filing and Packing Materials Manufacturing Co.,
25. Saudi Industrial Services Co.,
26. Arabian Pipes Co.,
27. National Metal Manufacturing and Casting Co.,
28. Zamil Industrial Investment Co.,
29. Yanbu National Petrochemical Co.,
30. Saudi Paper Manufacturing Co.,
31. Sahara International Petrochemical Co.,
32. Al-Babtain Power and TeleCommunication Co.,
33. Advanced Petrochemical Co.,
34. Al Abdullatif Industrial Investment Co.,
35. Saudi Vitrified Clay Pipes Co.,
36. Middle East Specialized Cables Co.,
37. City Cement Co.,
38. Al Jouf Cement Co.,
39. United Electronics Co.,
40. National Medical Care Co.,
41. Al Hammadi Company for Development and Investment,
42. Saudi Real Estate Co.,
43. National Shipping Company of Saudi Arabia,
44. Saudi Ground Services Co.,
45. Saudi Public Transport Co.,
46. Saudi Automotive Services Co.,
47. Anaam International Holding Group,
48. Tihama Advertising and Public Relations Co.,
49. Aseer Trading, Tourism and Manufacturing Co.,
50. Taiba Investments Co.,
51. Saudi Industrial Export Co.,
52. Arriyadh Development Co.,
53. National Agricultural Marketing Co.,
54. Tourism Enterprise Co.,
55. Fitaihi Holding Group,
56. Aldrees Petroleum and Transport Services Co.,
57. Red Sea International Co.,
58. Jabal Omar Development Co.,
59. Saudi Printing and Packaging Co.,
60. Alkhaleej Training and Education Co.,
61. Knowledge Economic City,
62. National Agricultural Development Co.,
63. Al Gassim Investment Holding Co.,
64. Tabuk Agricultural Development Co.,
65. Ash-Sharqiyah Development Co.,
66. Al-Jouf Agricultural Development Co.,
67. Jazan Energy and Development Co.,
68. Mobile TeleCommunication Company Saudi Arabia,
69. Saudi Indian Company for Cooperative Insurance,
70. Solidarity Saudi Takaful Co.

Furthermore, Nasser bin Fadhi bin Rubah Alrashidi also promoted his opinions through publishing “tweets" via the social media on his Twitter account with the handle name “aatt441@" with the intention of inducing others to purchase the shares of those companies, whereas a number of defendants have purchased quantities of such shares of the listed companies before publishing those "tweets" and then entered sale orders to take advantage of this behavior, during the period between 01/01/2015G. until 12/07/2016G. As such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the securities of the mentioned companies.

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

First defendant: Nasser bin Fadhi bin Rubah Alrashidi:

1. Imposing a fine upon him amounting to (SR. 2,880,000) two million eight hundred and eighty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 1,894,455.30) one million eight hundred ninety-four thousand and four hundred fifty-five Saudi Riyals and thirty Halalas, against the illegal gains achieved in his investment portfolios.
3. Obliging him to cease and refrain from promoting opinions related to companies listed in the Exchange.

Second defendant: Rubah bin Fadhi bin Rubah Alrashidi:

1. Imposing a fine upon him amounting to (SR. 580,000) five hundred eighty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 101,130.90) one hundred and one thousand one hundred thirty Saudi Riyals and ninety Halalas, against the illegal gains achieved in his investment portfolios.

Third defendant: Murdhi bin Ali bin Turaikhem Alrashidi:

1. Imposing a fine upon him amounting to (SR. 420,000) four hundred twenty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 33,846.15) thirty-three thousand eight hundred forty-six Saudi Riyals and fifteen Halalas, against the illegal gains achieved in his investment portfolio.

 Fourth defendant: Fahad bin Shakhas bin Muhamad Alghamdi:

1. Imposing a fine upon him amounting to (SR. 440,000) four hundred forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 272,453.20) two hundred seventy-two thousand and four hundred fifty-three Saudi Riyals and twenty Halalas, against the illegal gains achieved in his investment portfolio.

Fifth defendant: Khalaf bin Thuwab bin Mubrak Almutairi:

1. Imposing a fine upon him amounting to (SR. 740,000) seven hundred forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 196,521.17) one hundred ninety-six thousand and five hundred twenty-one Saudi Riyals and seventeen Halalas, against the illegal gains achieved in his investment portfolio.

Sixth defendant: Dulail bin Samir bin Masoud Alazmi:

1. Imposing a fine upon her amounting to (SR. 620,000) six hundred twenty thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 60,086.62) sixty thousand and eighty-six Saudi Riyals and sixty-two Halalas, against the illegal gains achieved in her investment portfolio.

Seventh defendant: Anad bin Trad bin Tulayhan Alunezi:

1. Imposing a fine upon him amounting to (SR. 600,000) six hundred thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 101,726.30) one hundred one thousand and seven hundred twenty six Saudi Riyals and thirty Halalas, against the illegal gains achieved in his investment portfolio.

Eighth defendant: Ayed bin Ali bin Turaikhem Alrashidi (in absentia):

1. Imposing a fine upon him amounting to (SR. 530,000) five hundred thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 85,869.40) eighty-five thousand eight hundred sixty-nine Saudi Riyals and forty Halalas, against the illegal gains achieved in his investment portfolio.

Ninth defendant: Turki bin Najm bin Ismail Almutairi:

1. Imposing a fine upon him amounting to (SR. 690,000) six hundred ninety thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 251,536.65) two hundred fifty-one thousand five hundred thirty-six Saudi Riyals and sixty-five Halalas, against the illegal gains achieved in his investment portfolio.

Tenth defendant: Mansourah bint Fadhi bin Rubah Alrashidi:

1. Imposing a fine upon her amounting to (SR. 310,000) three hundred ten thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 75,801.95) seventy-five thousand eight hundred one Saudi Riyals and ninety-five Halalas, against the illegal gains achieved in her investment portfolio.

Eleventh defendant: Hamoud bin Sultan bin Misha'al Albuqumi (in absentia):

1. Imposing a fine upon him amounting to (SR. 240,000) two hundred forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 116,853.80) one hundred sixteen thousand eight hundred fifty-three Saudi Riyals and eighty Halalas, against the illegal gains achieved in his investment portfolio.

Twelfth defendant: Yousef bin Muqhem bin Mubarak Almutairi:

1. Imposing a fine upon him amounting to (SR. 420,000) four hundred twenty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 172,107.78) one hundred seventy-two thousand one hundred seven Saudi Riyals and seventy-eight Halalas, against the illegal gains achieved in his investment portfolios.

Thirteenth defendant: Haya bint Swaireh bin Eid Alrashidi (in absentia):

1. Imposing a fine upon her amounting to (SR. 60,000) sixty thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 182,067.15) one hundred eighty-two thousand sixty-seven Saudi Riyals and fifteen Halalas, against the illegal gains achieved in her investment portfolio.

Fourteenth defendant: Abdullah bin Ayed bin Ali Alrashidi:

1. Imposing a fine upon him amounting to (SR. 190,000) one hundred ninety thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 60,111.10) sixty thousand one hundred eleven Saudi Riyals and ten Halalas, against the illegal gains achieved in his investment portfolio.

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 (File Complaint Link).

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