Announcing the Issuance of ACRSD Final Decision Convicting Violator of the Capital Market Law and its Implementing Regulations

The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) final decision No. (2447/L.S/2022) of 1443H., dated 26/07/1443H., corresponding to 27/02/2022G., on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against (Muhammad bin Abdrab Alrasool bin Muhammad Alkhars).

The decision concluded with the conviction of the abovementioned individual for violating Article (49) of the Capital Market Law,  as well as Article (2) of the Market Conduct Regulations, when trading in the shares of the following companies: (Naseej International Trading Co., Saudi Industrial Development Co., Al-Babtain Power and Telecommunication Co., Dallah Healthcare Co., Abdullah Saad Mohammed Abo Moati for Bookstores Co., Raydan Food Co. and Gulf Union Alahlia Cooperative Insurance Co.) during the period between 17/03/2020G. and 01/10/2020G. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the securities of the abovementioned companies.

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

  1. Imposing a fine upon him amounting to (SR. 300,000) three hundred thousand Saudi Riyals.
  2. Obliging him to pay to the CMA account the amount of (SR. 2,512,498.60) two million five hundred twelve thousand four hundred ninety-eight Saudi Riyals and sixty Halala against the illegal gains achieved in his investment portfolio.


Furthermore, any person affected by this violation in this case is entitled to file a compensation claim (as individual or class action) with the CRSD for the damage he/she suffered from due to this violation, provided that such claim is preceded by a complaint filed  with the  CMA on this regard, via the following link: (File Complaint)

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 investors affected by such violations to apply to the CRSD to join the class action.

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