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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. (2223/L.S/2021) of 1442 H., dated 17/09/1442 H., corresponding to 29/04/2021G., in the case filed by the Capital Market Authority (CMA) against: Hanspeter Ackermann, Ahmad bin Abdullah bin Ali Bamukhaer, Sultan bin Abdullah bin Ali Alshehri, Ibrahim bin Abdulrahman bin Yahya Alsharidah, Nayef bin Abdulmohsen bin Saleh Alrasheed, Mufdhal Muhamad Kanta Wala, and Samba Capital & Investment Management Co.

The decision concluded with the conviction of the following defendants: Hanspeter Ackermann, Ahmad bin Abdullah bin Ali Bamukhaer, Sultan bin Abdullah bin Ali Alshehri, Ibrahim bin Abdulrahman bin Yahya Alsharidah, Nayef bin Abdulmohsen bin Saleh Alrasheed, for violating Article (49) of the Capital Market Law, as well as Article (2) and Article (3) of the Market Conduct Regulations, and Article (24/a) of the Authorised Persons Regulations, when trading the shares of the following companies: Mohammad Al Mojil Group, Abdullah A. M. Al-Khodari Sons Co., Saudi Ceramic Co., Saudi Chemical Co., Qassim Cement Co., Saudi Electricity Co., the Mediterranean and Gulf Insurance and Reinsurance Co., the National Company for Glass Industries, Advanced Petrochemical Co., SABIC Agri-Nutrients Co, and Saudia Dairy and Foodstuff Co. during the period from 01/01/2011G. until 30/03/2011G. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned companies.

The decision also concluded with the conviction of: Mufdhal Muhamad Kanta Wala, for violating Article (24/a) of the Authorised Persons Regulations due to his breach of the following principles; Efficiency of Management and Control, Skill, Care and Diligence, Protection of Clients' Assets.

The decision also concluded with the conviction of: Samba Capital & Investment Management Co., for violating Article (5/b) of the Authorised Persons Regulations due to its breach of the following principles; Efficiency of Management and Control, Skill, Care and Diligence, Protection of Clients' Assets, for its failure to make proper arrangements to prevent committing violations of Article (49) of the Capital Market Law, as well as Article (2) and Article (3) of the Market Conduct Regulations that were committed through the investment funds and portfolios it managed.

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

1. Hanspeter Ackermann (in absentia):

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.
2. Banning him from trading shares of companies listed on the Exchange for his own account or as agent of others for a period of One year.
3. Banning him from performing any registrable function, managing portfolios or working as an investment advisor in the Saudi Stock Exchange for a period of Three years.

1. Ahmad bin Abdullah bin Ali Bamukhaer:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Banning him from trading shares of companies listed on the Exchange for his own account or as agent of others for a period of One year.
3. Banning him from performing any registrable function, managing portfolios or working as an investment advisor in the Saudi Stock Exchange for a period of Three years.

1. Sultan bin Abdullah bin Ali Alshehri:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Banning him from trading shares of companies listed on the Exchange for his own account or as agent of others for a period of One year.
3. Banning him from performing any registrable function, managing portfolios or working as an investment advisor in the Saudi Stock Exchange for a period of Three years.  

1. Ibrahim bin Abdulrahman bin Yahya Alsharidah:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Banning him from trading shares of companies listed on the Exchange for his own account or as agent of others for a period of One year.
3. Banning him from performing any registrable function, managing portfolios or working as an investment advisor in the Saudi Stock Exchange  for a period of Three years.

1. Nayef bin Abdulmohsen bin Saleh Alrasheed:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Banning him from trading shares of companies listed on the Exchange for his own account or as agent of others for a period of One year.
3. Banning him from performing any registrable function, managing portfolios or working as an investment advisor in the Saudi Stock Exchange for a period of Three years.

1. Mufdhal Muhamad Kanta Wala:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.
2. Banning him from trading shares of companies listed on the Exchange for his own account or as agent of others for a period of One year.
3. Banning him from performing any registrable function, managing portfolios or working as an investment advisor in the Saudi Stock Exchange for a period of Three years.

1. Samba Capital & Investment Management Co.:

1. Imposing a fine upon the company amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Obliging this company to pay to the CMA's account the amount of (SR. 6,012,873.95) six million twelve thousand eight hundred seventy-three Saudi Riyals and ninety-five Halalas, against the illegal gains achieved in the investment funds and portfolios managed by this company as a result of the violations committed by the convicted persons: Ahmad bin Abdullah bin Ali Bamukhaer, Sultan bin Abdullah bin Ali Alshehri, Ibrahim bin Abdulrahman bin Yahya Alsharidah, and Nayef bin Abdulmohsen bin Saleh Alrasheed.

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)