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. (3026/L.S/2023) of 1445 H., dated 29/02/1445 H., corresponding to 14/09/2023, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Osama bin Abdulrahman bin Ateeq Alateeq, Abdulsalam bin Ali bin Hassan Almatar, Abdulilah bin Muhamad bin Fahad Alqassim, Turki bin Nejr bin Sahl Alotaibi, Nawaf bin Bader bin Bandar Alharbi, Ahmad bin Fahad bin Sahl Alotaibi and Ibrahim bin Nasser bin Abdulaziz Alshaiban.

The decision concluded with the following:

1. The conviction of Osama bin Abdulrahman bin Ateeq Alateeq and Ibrahim bin Nasser bin Abdulaziz Alshaiban for violating Article (49.a) of the Capital Market Law, as well as Article (2.a) of the Market Conduct Regulations, when trading in a number of listed shares (To view the dates of trading and securities in relation to the violations,click here). Such acts and practices represent fraud and manipulation, and created a false and misleading impression regarding the security of the mentioned companies. Their violations are represented in their act of entering purchase orders aiming to affect the share/unit price (some linked to sale orders), and entering purchase orders aiming to achieve high closing price and high bid closing price (some linked to sale orders), as well as entering purchase order previously knowing the existence of a similar sale order in terms of size, timing and price.
2. The conviction of Osama bin Abdulrahman bin Ateeq Alateeq for violating Article (49.a) of the Capital Market Law, as well as Article (8.a) of the Market Conduct Regulations, when trading in a number of shares (To view the dates of trading and securities in relation to the violations, click here​). Such acts and practices represent fraud and manipulation, and created a false and misleading impression regarding the security of the mentioned companies. His violations are represented in his act of trading (purchasing) shares of listed companies then promoting such shares through the social medial group in WhatsApp called (Aboaljory أبوالجوري) aiming to affect the share prices of listed companies in the Exchange by trading (selling) through his portfolios.
3. The conviction of Osama bin Abdulrahman bin Ateeq Alateeq for violating Article (50.a) of the Capital Market Law, as well as Article (5.b) of the Market Conduct Regulations, when disclosing internal information. The decision also concluded with the conviction of Abdulsalam bin Ali bin Hassan Almatar, Turki bin Nejr bin Sahl Alotaibi, Nawaf bin Bader bin Bandar Alharbi and Ahmad bin Fahad bin Sahl Alotaibi, for violating Article (50.a) of the Capital Market Law, as well as Article (5.a) of the Market Conduct Regulations, for participating in the disclosure of internal information relating to the announcements of (the Mediterranean and Gulf Insurance and Reinsurance Co., Malath Cooperative Insurance Co. and Al Rajhi Bank).
4. The conviction of Osama bin Abdulrahman bin Ateeq Alateeq and Abdulilah bin Muhamad bin Fahad Alqassim for violating Article (50.a) of the Capital Market Law, as well as Article (6.b) of the Market Conduct Regulations, for insider trading in the (Samba Financial Group and the National Commercial Bank).
5. The conviction of Osama bin Abdulrahman bin Ateeq Alateeq for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, for practicing securities business represented in “Managing" without obtaining a license from the CMA.

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

First: Osama bin Abdulrahman bin Ateeq Alateeq:

1. Imposing a fine upon him amounting to (SR. 2,330,000) two million three hundred thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 980,104.90) nine hundred eighty thousand one hundred four Saudi Riyals and ninety Halalas, against the illegal gains achieved in his portfolios.
3. Banning him from trading through purchase of shares in companies listed in the Saudi Exchange directly for himself or on behalf of others for a period of Five year.
4. Banning him from practicing brokerage business, managing portfolios or working as an investment advisor for Five years.

Second: Abdulsalam bin Ali bin Hassan Almatar:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for Two years.

Third: Abdulilah bin Muhamad bin Fahad Alqassim:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 266,232.76) two hundred sixty-six thousand two hundred thirty-two Saudi Riyals and seventy-six Halalas, against the illegal gains achieved in his portfolios.

Forth: Turki bin Nejr bin Sahl Alotaibi:

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

Fifth: Nawaf bin Bader bin Bandar Alharbi:

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

Sixth: Ahmad bin Fahad bin Sahl Alotaibi:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for Two years.

Seventh: Ibrahim bin Nasser bin Abdulaziz Alshaiban:

Imposing a fine upon him amounting to (SR. 10,000) ten thousand Saudi Riyals.

In addition to that, the decision concluded with obliging a number of investors to pay to the CMA account a total amount of (SR. 245,381.13) two hundred forty-five thousand three hundred eighty-one Saudi Riyals and thirteen Halalas, against the illegal gains achieved in their portfolios as a result of the illegal trading transactions committed by Osama bin Abdulrahman bin Ateeq Alateeq.

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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