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. (2463/L.S/2022) of 1443 H., dated 08/08/1443 H., corresponding to 11/03/2022 G., on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against (Mnawer bin Lafi bin Zabn Almutairy).

The decision concluded with the conviction of the  abovementioned individual for violating Article (49) of the Capital Market Law,  as well as Article (8) of the Market Conduct Regulations, when circulating the opinion, via the username (Bison alas’hum)  in the forum website (, in order to influence the price of the shares of the following companies;(Wafrah for Industry and Development Co., Saudi Vitrified Clay Pipes Co., Umm Al-Qura Cement Co., Southern Province Cement Co., Tabuk Cement Co., Saudi Marketing Co., Saudi Company for Hardware, Al-Baha Investment and Development Co., National Company for Learning and Education, Alandalus Property Co., Salama Cooperative Insurance Co., Al-Omran Industrial Trading Co. and Saudi Ceramic Co.) during the period between 20/01/2020 G. to 15/09/2020 G. Bison alas’hum

The decision included the imposition of a fine upon him amounting to (SR. 130,000) one hundred thirty thousand Saudi Riyals.

Furthermore, any person affected by these violations 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 these violations, 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 violations, click here )