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. (2795/L.S/2023) of 1444 H., dated 03/07/1444 H., corresponding to 25/01/2023, in the case filed by the Capital Market Authority (CMA) against: Khalid bin Nasser bin Abdullah bin Muhaini, Haitham bin Fahad bin Mazyad Almazyad, Mish'al bin Abdulrahman bin Muhammad Alruqaeb, Muhammad bin Abdulrahman bin Muhammad Alruqaeb, Salma bint Muhana bin Hamad Aljash'ami Alshammari, Abdulrahman bin Abdulaziz bin Abdulrahman Almane', Ibrahim bin Muhammad bin Ibrahim Al Othman Altamimi, Fahad bin Khamis bin Muhammad Al Hudayb, Ahmad bin Saleh bin Muhammad Alsultan, Muhammad bin Khamis bin Muhammad Al Hudayb, Abdulmohsen bin Abdulaziz bin Abdulrahman Alshuwaiman, Ziyad bin Hamad bin Zaid Alswaygh, Faisal bin Abdullah bin Muhammad Bin-Saedan, and Talal bin Muhammad  bin Salem Al Salem Alomari.

The decision concluded with the conviction of the respondent Talal bin Muhammad  bin Salem Alomari of violating Article (12.c) of the Market Conduct Regulations issued pursuant to the CMA board resolution No. (1-11-2004) dated 20/08/1425 H. corresponding to 04/10/2004, amended by the CMA board resolution No. (1-7-2018) dated 01/05/1439 H. corresponding to 18/01/2018, and Article (24.a) of the Authorized Persons Regulations issued pursuant to the CMA board resolution No. (1-83-2005) dated 21/05/1426 H. corresponding to 28/06/2005, amended by the CMA board resolution No. (3-85-2017) dated 27/12/1438 H. corresponding to 18/09/2017. The decision also concluded with the conviction of the remaining respondents of violating Article (12.d) of the Market Conduct Regulations, when trading in the shares of a number of listed companies after the respondent Talal bin Muhammad  bin Salem Alomari (registered person in Hermes Financial Group) disclosed to the rest of the respondents information regarding the orders of the clients of the financial group in which he works, which they had benefited from the essential effect of such orders when trading in the shares of the following companies:

Bank Aljazira, Saudi Arabian Mining Co. (MAADEN), Astra Industrial Group, United Wire Factories Co. (ASLAK), Seera Group Holding, Leejam Sports Co. (FITNESS TIME), SABIC Agri-Nutrients Co. (previouslu known as Saudi Arabian Fertilizer Company (SAFCO)), Saudi Ceramic Co., Savola Group, AYYAN Investment Co., Saudi Industrial Investment Group, Saudi Vitrified Clay Pipes Co., Tabuk Cement Co., National Medical Care Co. (CARE), Middle East Healthcare Co. (SAUDI GERMAN HEALTH), National Shipping Company of Saudi Arabia (BAHRI), Saudi Automotive Services Co. (SASCO), Arriyadh Development Co., Aldrees Petroleum and Transport Services Co. (ALDREES), Saudi Research and Media Group, United International Transportation Co. (BUDGET SAUDI), Saudi Electricity Co., Aljouf Cement Co., Saudi Telecom Co. (STC), Etihad Etisalat Co.   (ETIHAD ETISALAT), The Company for Cooperative Insurance (TAWUNIYA), and Arabian Shield Cooperative Insurance Co., during the time period between 03/09/2018 and 15/09/2019.

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

First: Khalid bin Nasser bin Abdullah bin Muhaini:

1. Imposing a fine upon him amounting to (SR. 520,000) five hundred twenty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 357,416.98) three hundred fifty seven thousand four hundred sixteen Saudi Riyals and ninety eight Halalas against the illegal gains achieved in his investment portfolio.

Second: Haitham bin Fahad bin Mazyad Almazyad:

1. Imposing a fine upon him amounting to (SR. 270,000) two hundred seventy thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 59,162.71) fifty nine thousand one hundred sixty two Saudi Riyals and seventy one Halalas against the illegal gains achieved in his investment portfolio.

Third: Mish'al bin Abdulrahman bin Muhammad Alruqaeb:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 155,097.80) one hundred fifty five thousand ninety seven Saudi Riyals and eighty Halalas against the illegal gains achieved in his investment portfolio.

Fourth: Muhammad bin Abdulrahman bin Muhammad Alruqaeb:

1. Imposing a fine upon him amounting to (SR. 170,000) one hundred seventy thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 71,450.24) seventy one thousand four hundred fifty Saudi Riyals and twenty four Halalas against the illegal gains achieved in his investment portfolio.

Fifth: Salma bint Muhana bin Hamad Aljash'ami Alshammari:

1. Imposing a fine upon her amounting to (SR. 90,000) ninety thousand Saudi Riyals.
2. Obliging her to pay to the CMA account the amount of (SR. 44,360.04) forty four thousand three hundred sixty Saudi Riyals and four Halalas against the illegal gains achieved in her investment portfolio.

Sixth: Abdulrahman bin Abdulaziz bin Abdulrahman Almane':

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. 9,468.98) nine thousand four hundred sixty eight Saudi Riyals and ninety eight Halalas against the illegal gains achieved in his investment portfolio.

Seventh: Ibrahim bin Muhammad bin Ibrahim Al Othman Altamimi:

1. Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 3,517.20) three thousand five hundred seventeen Saudi Riyals and twenty Halalas against the illegal gains achieved in his investment portfolio.

Eight: Fahad bin Khamis bin Muhammad Al Hudayb:

1. Imposing a fine upon him amounting to (SR. 40,000) forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 21,517) twenty one thousand five hundred seventeen Saudi Riyals and twenty Halalas against the illegal gains achieved in his investment portfolio.

Ninth: Ahmad bin Saleh bin Muhammad Alsultan:

1. Imposing a fine upon him amounting to (SR. 40,000) forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 8,634.71) eight thousand six hundred thirty four Saudi Riyals and seventy one Halalas against the illegal gains achieved in his investment portfolio.

Tenth: Muhammad bin Khamis bin Muhammad Al Hudayb:

1. Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 44,493.50) forty four thousand four hundred ninety three Saudi Riyals and fifty Halalas against the illegal gains achieved in his investment portfolio.

Eleventh: Abdulmohsen bin Abdulaziz bin Abdulrahman Alshuwaiman:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.

Twelfth: Ziyad bin Hamad bin Zaid Alswaygh:

1. Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.

Thirteen: Faisal bin Abdullah bin Muhammad Bin-Saedan:

1. Imposing a fine upon him amounting to (SR. 20,000) twenty thousand Saudi Riyals.

Fourteenth: Talal bin Muhammad  bin Salem Al Salem Alomari:

1. Imposing a fine upon him amounting to (SR. 10,000) ten thousand Saudi Riyals for violating Article (24.a) of the Authorized Persons Regulations.
2. Imposing a fine upon him amounting to (SR. 390,000) three hundred ninety thousand Saudi Riyals for violating Article (12.c) of the Market Conduct Regulations.
3. Banning him from working in any registration-required positions, working in investment portfolio management or working as an investment advisor for a period of ninety days.

The decision also included obliging a number of investors to pay to the CMA account the total amount of (SR. 152,702.06) one hundred fifty two thousand seven hundred and two Saudi Riyals and six Halalas for the illegal gains achieved in their investment portfolios that resulted from the violations committed by the convicted persons; Khalid bin Nasser bin Abdullah bin Muhaini, Abdulmohsen bin Abdulaziz bin Abdulrahman Alshuwaiman, Ziyad bin Hamad bin Zaid Alswaygh, Faisal bin Abdullah bin Muhammad Bin-Saedan.

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 damages 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.

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