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. (3548/L.S/2024) of 1446 H., dated 08/05/1446 H., corresponding to 10/11/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Osama Wafiq Tawfiq As'ad (Assistant Director of Investment Banking with the Financial Consultant for Mohammad Al-Mojil Group Company during its IPO phase).
The decision concluded with the conviction of the abovementioned individual of violating Article (49/a) of the Capital Market Law after proving his responsibility – with the participation of others, whom were convicted by ACRSD decision No. (1189/L.S/2017 of 1438 H.), published on the CMA website on 14/06/1440 H. corresponding to 09/02/2019 – in neglecting to indicate material information in the Mohammad Al-Mojil Group Company's IPO prospectus, represented in the existence of decline in the value of the Company standing projects in the first quarter of 2008, thus influencing the initial evaluation of the Company's share during the IPO.
The decision included the imposition of a number of sanctions upon him according to the following:
- Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
- Banning him from managing portfolios or working as an investment advisor for Five years.
- Banning him from working in bodies under the supervision 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.
