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. (2045/L.S/2020) of 1442 H., dated 17/03/1442 H., corresponding to 03/11/2020 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against some members in the board of directors and executives in Weqaya Takaful Insurance and Reinsurance Co., they are: Abdullah bin Sa'ad bin Abdullah Alzunaitan, Ali bin Ezedin bin Abduladhim Altamimi, Dawud bin Yusef Ahmad Safarneh, Fahad bin Muhamad bin Abdulmohsen Alashqar, Ali bin bin Abdullah bin Ali Alsuhaily, Ali bin Saleh bin Hamed Alghamdi, Khaled bin Muhamad bin Hasan bin A'fair Alsuhali, Abdullah bin Muhamad bin Ibrahim Alfuzan, Khaled bin Fadhel bin Ahmad Alaswad, Omar bin Muhamad bin Omar Aldhouayan, Hussain bin Ali bin Muhamad Al'atal, and Khaleel bin Ibrahim bin Muhamad Alshami.

The decision concluded with the conviction of the abovementioned individuals for violating Article (49/a) of the Capital Market Law, as they intentionally participated in acts and practices that created a false and misleading impression regarding the security of Weqaya Takaful Insurance and Reinsurance Co. in order to achieve such impression. These acts and practices were in form of reducing the Company's losses and inflating revenues and assets in a manner that show unreal fact in the Company's financial statements of the fiscal period ending in 31/12/2013 G. and the fiscal period ending in 31/03/2014 G.

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

First: Abdullah bin Sa'ad bin Abdullah Alzunaitan:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.
   
    
   
    

Second: Ali bin Ezedin bin Abduladhim Altamimi:

1. Imposing a fine upon him amounting to (SR. 120,000) one hundred twenty thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of five years.
   
    

Third: Dawud bin Yusef bin Ahmad Safarneh:

1. Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of five years.
   
    

Forth: Fahad bin Muhamad bin Abdulmohsen Alashqar:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.
   
    

Fifth: Ali bin Abdullah bin Ali Alsuhaily:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.

Sixth: Ali bin Saleh bin Hamed Alghamdi:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.

Seventh: Khaled bin Muhamad bin Hasan bin A'fair Alsuhali:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.

Eighth: Abdullah bin Muhamad bin Ibrahim Alfuzan:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.

Ninth: Khaled bin Fadhel bin Ahmad Alaswad:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.

Tenth: Omar bin Muhamad bin Omar Aldhouayan:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.
   
    

Eleventh: Hussain bin Ali bin Muhamad Al'atal:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.
   
    

Twelfth: Khaleel bin Ibrahim bin Muhamad Alshami:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Saudi Exchange for a period of seven years.

Furthermore, any person affected by these violations is entitled to file a compensation claim with the CRSD, either being individually or through a class action, due to damage he\she suffered from as a result of such violations, provided that such claim is preceded by a complaint filed with the CMA on this regard. To file the complaint: (click here)

However, the GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of the investors affected by the same violations to apply to the CRSD to join the class action