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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. (3302/L.S/2024) of 1445 H., dated 29/10/1445 H., corresponding to 08/05/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Esam bin Nassar bin Mnawer Alazmi.

The decision concluded with the conviction of the abovementioned individual of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations, for practicing in securities business, represented in the activity of “Advising", without obtaining a license from the CMA, by receiving money from investors and transferring it to an unauthorized company under the name of (The Share السهم) located outside the Kingdom that provides advise to others in the Saudi Exchange, in return for him receiving a percentage of the total collected money.

The decision included the imposition of a fine upon him amounting to (SR. 70,000) seventy thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted person in relation to this violation is entitled to file a claim (as individual or class action) with the CRSD to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred under the agreement or contract, as per Article (60/b) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard, via the following  link (File Complaint Link).

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 how concluded an agreement of contract with the convicted person to apply to the CRSD to join the class action. ​

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