The General Secretariat of the Committees for Resolution of
Securities Disputes (GS-CRSD) announces the issuance of the Committee for
Resolution of Securities Disputes’ (CRSD) final decision No. (3591/L/D2/2021)
of 1443H, dated 15/05/1443H, corresponding to 19/12/2021, in the case filed by the Public
Prosecution (referred to by the Capital Market Authority (CMA)) against: Muhamad
bin Nasser bin Sa’ad Aldahi.
The decision
concluded with the conviction of the abovementioned individual for violating
Article (31) of the Capital Market Law, as well as Article (5) of the
Securities Business Regulations, by carrying out securities business
represented in “Dealing” as an agent, by receiving financial amounts from a
number of investors in order to invest them on shares in the Saudi Stock
Exchange without obtaining a license from the CMA.
The decision
included the imposition of a fine upon him amounting to (SR. 70,000) seventy thousand
Saudi Riyals.
Furthermore,
any person who has entered into an agreement or contract with the convicted individual
in relation to these violations 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 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).
