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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 the Resolution of Securities Disputes' (ACRSD) final decision No. (2567/L.S/2022) of 1443 H., dated 29/12/1443 H., corresponding to 28/07/2022G., on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against Turki bin Ali bin Salem Bakalka and Ali bin Salem bin Ahmad Bakalka.

The decision concluded with the conviction of the  abovementioned individuals for violating Article (49) of the Capital Market Law,  as well as Article (2) and Article (3) of the Market Conduct Regulations, when trading in the shares and real estate investment traded funds units of the following : AlJazira REIT, Jadwa REIT Al Haramain Fund, Gulf Union Alahlia Cooperative Insurance Co., Arabia Insurance Cooperative Co., MEFIC REIT Fund, Salama Cooperative Insurance Co., Arabian Shield Cooperative Insurance Co., and Al Sagr Cooperative Insurance Co., during the period between 18/12/2018G. until 15/06/2020G.

Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the securities of the abovementioned companies and funds units.

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

First: Turki bin Ali bin Salem Bakalka:

1. Imposing a fine upon him amounting to (SR. 60,000) sixty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 51,068/33) fifty one thousand and sixty eight Saudi Riyals and thirty three Halalas against the illegal gains achieved on his investment portfolio as a result of the committed violations.
3. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as an agent of others for a period of six months, excluding trading through investment funds with Capital Market Institutions.

Second: Ali bin Salem bin Ahmad Bakalka:

1. Imposing a fine upon him amounting to (SR. 730,000) seven hundred thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 1,891,717/36) one million eight hundred and ninety one thousand seven hundred and seventeen Saudi Riyals and thirty-six Halalas against the illegal gains achieved on his investment portfolio as a result of the committed violations.
3. Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as an agent of others for a period of one year, excluding trading through investment funds with Capital Market Institutions.

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 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)

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)​​