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. (2936/L.S/2023) of 1444 H., dated 23/12/1444 H., corresponding to 11/07/2023, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Sultan bin Abdulaziz bin Abdullah Albanyan, Abdullah bin Abdulaziz bin Abdullah Albanyan and Fahad bin Abdulaziz bin Abdullah Albanyan.

The decision concluded with the conviction of the abovementioned individuals for violating Article (49/a) of the Capital Market Law, when performing a series of procedures and transactions represented in making financial and share transfers as well as special trades on the shares of Al Kathiri Holding Co. (the Company) aiming to hide their ownership percentage in the Company, hence resulting in the creation of an untrue impression regarding the number of shares available to the public, during the period between 30/05/2019 and 10/10/2019, prior to moving the Company to the main exchange market on 03/11/2019. Such act led to affecting the share price on the next day of the Company's announcement that it had submitted to be moved to the main exchange market, as such acts and practices created a false and misleading impression regarding the security of the Company.

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

First: Sultan bin Abdulaziz bin Abdullah Albanyan:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 16,735,720.60) sixteen million seven hundred thirty-five thousand seven hundred twenty Saudi Riyals and sixty Halalas, against the illegal gains achieved in his portfolios.

Second: Abdullah bin Abdulaziz bin Abdullah Albanyan:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 8,276,056.70) eight million two hundred seventy-six thousand fifty-six Saudi Riyals and seventy Halalas, against the illegal gains achieved in his portfolios.

Third: Fahad bin Abdulaziz bin Abdullah Albanyan:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 34,872,343.09) thirty-four million eight hundred seventy-two thousand three hundred forty-three Saudi Riyals and nine Halalas, against the illegal gains achieved in his portfolios.
3. Obliging him to pay to the CMA account the amount of (SR. 856,823.00) eight hundred fifty-six thousand eight hundred twenty-three Saudi Riyals, against the illegal gains achieved in the portfolio belonging to his son (minor).
4. Banning him from trading through purchase of shares in companies listed in the Saudi Exchange for himself or on behalf of others for a period of Three years, excluding trading through investment funds with Authorized Persons.

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. ​

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