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. (3280/L.S/2024) of 1445 H., dated 24/09/1445 H., corresponding to 03/04/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Mohammed bin Nawaf bin Mohammed Alharbi and Nawaf bin Mohammed bin Jam'an Alsukhaiber Alharbi.

The decision concluded with the conviction of the abovementioned individuals of violating Article (49) of the Capital Market Law and Article (8) of the Market Conduct Regulations, when Mohammed bin Nawaf bin Mohammed Alharbi, during the period between 05/07/2020 until 07/06/2021, and Nawaf bin Mohammed bin Jam'an Alsukhaiber Alharbi, during the period between 29/12/2019 until 18/12/2021, promoted an opinion aiming at affecting the share price of a number of companies listed in the Saudi Exchange via their accounts in the social media platform X (previously known as Twitter) using the user account (@mnawafms) belonging to Mohammed bin Nawaf bin Mohammed Alharbi, and the user account (@nawafmsz) belonging to Nawaf bin Mohammed bin Jam'an Alsukhaiber Alharbi, and urged others to purchase or sell shares of the following companies: Bank Aljazira, Sadr Logistics Co., Methanol Chemicals Co., Saudi Arabia Refineries Co., National Gypsum Co., Wafrah for Industry and Development Co., Saudi Advanced Industries Co., the National Company for Glass Industries, Filing and Packing Materials Manufacturing Co., Saudi Vitrified Clay Pipes Co., Umm Al-Qura Cement Co., Thob Al Aseel Co., Baazeem Trading Co., Tabuk Agricultural Development Co., Ash-Sharqiyah Development Co., Al-Jouf Agricultural Development Co., and Arab Sea Information System Co.

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

First: Mohammed bin Nawaf bin Mohammed Alharbi:

1. Imposing a fine upon him amounting to (SR. 500,000) five hundred thousand Saudi Riyals.
2. Banning him from trading by purchasing shares in the Saudi exchange, either directly or indirectly, excluding trading through investment funds with Capital Market Institutions for Two years.
3. Banning him from working in bodies under the supervisions of the CMA for Two years.
   
   Second: Nawaf bin Mohammed bin Jam'an bin Alsukhaiber Alharbi:

1. Imposing a fine upon him amounting to (SR. 10,600,000) ten million six hundred thousand Saudi Riyals.
2. Banning him from trading by purchasing shares in the Saudi exchange, either directly or indirectly, excluding trading through investment funds with Capital Market Institutions for Five years.
3. Banning him from working in bodies under the supervisions of the CMA for Five years.
   
   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.
   
   (To view the dates of trading and security in relation to the violation, click here​)
   

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