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. (3268/L.S/2024) of 1445 H., dated 18/09/1445 H., corresponding to 28/03/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Mansour Farraj Mansour Abothnain.
The decision concluded with the conviction of the abovementioned individual of violating Article (50/b) of the Capital Market Law, for insider trading during the period from 30/05/2021 until 01/06/2021 when purchasing the shares of Astra Industrial Group based prior to the Group announces, on 13/06/2021 (before starting the trading time) via the Saudi Exchange website, that one of its affiliated companies (Tabuk Pharmaceuticals Company) signed an exclusive service agreement with Moderna Switzerland GMPH Company to distribute its (COVID-19) vaccine and any other vaccine for the Mutated (COVID-19) strains within the Kingdom.
The decision included the imposition of a number of sanctions upon him according to the following:
- Imposing a fine upon him amounting to (SR. 300,000) three hundred thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 163,652.35) one hundred sixty-three thousand six hundred fifty-two Saudi Riyals and thirty-five Halalas against the illegal gains achieved in 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.
