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. (2583/L.S/2022) of 1444 H., dated 04/01/1444 H., corresponding to 02/08/2022, in the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against Faisal bin Abdullah bin Abdulaziz Alrajhi.
The decision concluded with the conviction of the abovementioned individual of violating Article (50/a) of the Capital Market Law, as well as Article (6/a) of the Market Conduct Regulations, for trading on the shares of Arabian Cement Co (through sale) on 22-23/04/2018G. based on inside information that was not announced to the public until 24/04/2018G. related to the interim financial results of the company for the first quarter of 2018G.
The decision included the imposition of a number of sanctions upon him according to the following:
- Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 146,218.56) one hundred forty six thousand and two hundred eighteen Saudi Riyals and fifty six Halalas against the avoided losses that resulted from the violated trading through his investment portfolio.
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.
