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. (3413/L.S/2024) of 1446 H., dated 22/01/1446 H., corresponding to 28/07/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Sari bin Ibrahim bin Abdulkarim Almayouf.
The decision concluded with the conviction of the abovementioned individual of violating Article (211/b) of the Companies Law, issued by Royal Decree No. (M/3) dated 28/1/1437 H., for using, as a Member of Board of Directors and Managing Director of the National Company for Agricultural Marketing (Thimar), the funds of the National Company for Agricultural Marketing (Thimar) against its interests to achieve personal goals and favoring one company with which he has interests, by transferring funds to the bank account of one establishment - which the convicted person is in a friendship and commercial relationship with the owner of such establishment - without documenting and maintaining invoices that prove such transfers, in addition to the act of such establishment when transferring portion of such amounts to one company with which the convicted person has interests, without the existence of any justification of such bank transfers.
The decision included the imposition of a number of sanctions upon him according to the following:
- Imprisonment of (90) ninety days.
- Imposing a fine upon him amounting to (SR. 3,250,000) thee million two hundred fifty thousand Saudi Riyals.
Furthermore, any person affected by this violation 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 his violation, 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 violation to apply to the CRSD to join the class action.
