Further to the announcement of the General Secretariat of Committees for Resolution of Securities Disputes (GS-CRSD) on 21/05/1442 H., corresponding to 05/01/2021, regarding the issuance of the Committee for Resolution of Securities Disputes (CRSD) decision No. (7/L/D1/C/2020) of 1442 H. dated 13/05/1442 H. corresponding to 28/12/2020, indicating the registration of the class action lawsuit submitted by an investor (main claimant) against a number of respondents, some of whom are senior executives in Etihad Etisalat Co. (Mobily), being: Badr bin Saleh bin Humoud Alturaifi, Muhammad Hafni Mahmoud Thabet, Khaled bin Omar bin Muhsen Alkaf, Thamer bin Muhammad bin Abdullah Alhosani, and Ahmad Hussein Ali Abdulnabi, who are responsible for the committed violations in the share of Etihad Etisalat Co. (Mobily), which the decision of the Appeal Committee for Resolution of Securities Disputes (ACRSD) No. (1997/L.S/2020) of the year 1442 H. was issued against them on 14/01/1442 H. corresponding to 02/09/2020, stating the conviction of the above-mentioned respondents of violating Article (49/a) of the Capital Market Law for committing acts that created a false and misleading impression regarding the value of the security of the Company, by proving misleading and false information in the Company's financial statements for the second, third and fourth quarters of 2013, as well as the first, second and third quarters of 2014, which led to the inflation of the revenues in the Company's financial statements during such time-periods, where the main claimant requested to oblige the respondents jointly to compensate the claimants against the damages they incurred as a result of such violations;

The GS-CRSD announces the issuance of the ACRSD final decision No. (2598/L.S/2022) of the year 1444 H. on 10/01/1444 H. corresponding to 08/08/2022, in the class action lawsuit referred to above. The decision concluded with the following:

First: Upholding the decision of CRSD No. (3831/L/D2/2022) of the year 1443 H. issued in the same case, which included in its provisions:

Oblige the first respondent, Badr bin Saleh bin Humoud Alturaifi, Saudi national, holding national ID No. (1000875870), the second respondent, Muhammad Hafni Mahmoud Thabet, Egyptian national, holding resident ID No. (2324969647) - in absentia, third respondent, Khaled bin Omar bin Muhsen Alkaf, Emirates national, holding ID No. (784196219065271), the fourth respondent, Thamer bin Muhammad bin Abdullah Alhosani, Emirates national, holding ID No. (784196913135438) - in absentia, and the fifth respondent, Ahmad Hussein Ali Abdulnabi, Egyptian national, holding resident ID No. (2216327169) - in absentia, to jointly  pay the claimants the amount of (SR. 1,225,101,291.08) one billion two hundred twenty-five million one hundred one thousand two hundred ninety-one Saudi Riyals and eight Halalas, in accordance with the entitlement of each claimant in the case, totaling (1,045) one thousand forty five claimants, pursuant to the distribution in the table annexed to the CRSD decision No. (3831/L/D2/2022) of the year 1443 H., dated 21/10/1443 H. corresponding to 22/05/2022.

Second: Oblige the above-mentioned respondents to jointly pay the main claimant the amount of (SR. 12,000) twelve thousand Saudi Riyals for lawyer fees.

Third: Reject other claims.

To view the ID list of entitled persons, click here​

​