The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Committee for the Resolution of Securities Disputes' (CRSD) final decision No. (5379/L/D1/2024) of 1446 H., dated 19/04/1446 H., corresponding to 22/10/2024, on the penal case filed by the Capital Market Authority (CMA) against: Bader bin Abdullah bin Hamad Alhammad (registered person).
The decision concluded with the conviction of the abovementioned individual of violating Article (24/a) of the Authorized Persons Regulations (currently: the Capital Market Institutions Regulations), for his conduct, in his capacity as Chairman of the Board of Directors of 99Hlala Capital Company (formerly known as: Maceen Capital) and previously held an executive position in this Company, of violating the principle of integrity that must be adhered to while performing his duties as a registered person in one of the registration-required professions with the CMA, by exploiting the Company's assets for his personal benefit, when he registered the ownership of lands purchased by the Company in his name without proof that the Company receiving financial compensation from him for such an act, as well as exploiting the funds of the Company's clients for his personal benefit by making bank transfers from the pooled account of the Company's clients in one of the banks to the Company's account in the same bank, and then transferring such funds later on to his personal account in another bank, during the period from 15/01/2014 to 16/10/2019.
The decision included the imposition of a number of sanctions upon him according to the following:
- Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
- Banning him from brokerage business, managing portfolios and working as an investment advisor for Five years.
- Banning him from working in companies, shares of which are traded in the Saudi Exchange, 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.
