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) decision No. (2064/L.S/2020) of 1442 H., dated 09/04/1442 H., corresponding to 24/11/2020 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Nisreen bint Sulayman bin Salim Alradadi, Abdullah bin Salih bin Sulayman Alqomai', Hussain bin Hassan bin Gharmallah Alzahrani, Fahad bin Abdulaziz bin Salih Alhamlan, Abdulmajeed bin Abdulmohsen bin Muhammad Al Eshaikh.

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, when trading the shares of the following companies: Naseej International Trading Co., Salama Cooperative Insurance Co. and Buruj Cooperative Insurance Co. The violations were committed during the period between 03/04/2016 G. and 23/05/2016 G. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned companies.

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

First defendant: Nisreen bint Sulayman bin Salim Alradadi:

1. Imposing a fine upon her amounting to (SR. 320,000) three hundred twenty thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 961,703.08) nine hundred sixty-one thousand seven hundred three Saudi Riyals and eight Halalas, against the illegal gains achieved in her investment portfolio.

Second defendant: Abdullah bin Salih bin Sulayman Alqomai' (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. 1,340,323.15) one million three hundred forty thousand three hundred twenty-three Saudi Riyals and fifteen Halalas, against the illegal gains achieved in his investment portfolio.

Third defendant: Hussain bin Hassan bin Gharmallah Alzahrani:

1. Imposing a fine upon him amounting to (SR. 180,000) one hundred eighty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 12,798.10) twelve thousand seven hundred ninety-eight Saudi Riyals and ten Halalas, against the illegal gains achieved in his investment portfolio.

Fourth defendant: Fahad bin Abdulaziz bin Salih Alhamlan:

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. 30,998.58) thirty thousand nine hundred ninety-eight Saudi Riyals and fifty-eight Halalas, against the illegal gains achieved in his investment portfolio.

Fifth defendant: Abdulmajeed bin Abdulmohsen bin Muhammad Al Eshaikh:

1. Imposing a fine upon him amounting to (SR. 360,000) three hundred sixty thousand Saudi Riyals.

The decision also included obliging a number of investors to pay to the CMA account an amount of (SR. 1,506,961.42) one million five hundred six thousand nine hundred sixty-one Saudi Riyals and forty-two Halalas, against the illegal gains achieved in their investment portfolios as a result of trading violations committed by the two convicted persons: Fahad bin Abdulaziz bin Salih Alhamlan and Abdulmajeed bin Abdulmohsen bin Muhammad Al Eshaikh.

Furthermore, any person affected by these acts is entitled to file a compensation claim with the CRSD, pursuant to Article (57) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard. To file the complaint: (File Complaint Link)

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