The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (2749/L.S/2022) of 1444 H., dated 21/05/1444 H., corresponding to 15/12/2022, in the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: The Salman bin Abdullah Bin Saedan Real Estate Group Company; and Salman bin Abdullah bin Muhamad Bin-Saedan.

The decision concluded with the conviction of the abovementioned Company and person for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, by carrying out two securities business works represented in the activity of “Managing" and “Dealing as an Agent" in the Saudi Exchange, by receiving subscription fees from a number of investors for the purpose of using such amounts to subscribe in multiple investment funds, as well as managing an investment fund without obtaining a license from the CMA.

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

First: Salman bin Abdullah Bin Saedan Real Estate Group Company:

Imposing a fine upon the Company amounting to (SR. 200,000) two hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.

Second:  Salman bin Abdullah bin Muhamad Bin-Saedan:

Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.

Furthermore, any person who has entered into an agreement or contract with the convicted Company or person in relation to these violations is entitled to file a claim (as individual or class action) with the CRSD to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred under the agreement or contract, as per Article (60/b) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard, via the following  link (File Complaint Link​).

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 who had entered into an agreement or contract with the convicted Company or person to apply to the CRSD to join the class action.

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