The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (3596/L.S/2025) of 1446 H., dated 05/07/1446 H., corresponding to 05/01/2025, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Ammar bin Salim bin Ahmad Bakhreebah, Elmar Capital Company and Elmar Finance Company.
The decision concluded with the conviction of the abovementioned person and entities of violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations, when Ammar bin Salim bin Ahmad Bakhreebah practiced securities business, represented in the activity of “Managing", by offering and managing an investment fund, receiving money from clients to invest in such investment fund, and with the participation of both Elmar Capital Company and Elmar Finance Company in practicing such act by managing the investment fund and receiving money from clients to invest in such investment fund, in exchange of receiving a percentage of the invested amounts, without obtaining a license from the CMA.
The decision included the imposition of a number of sanctions upon them according to the following:
First: Ammar bin Salim bin Ahmad Bakhreebah:
- Imprisoning him for a period of (90) days.
- Imposing a fine upon him amounting to (SR. 1,000,000) one million Saudi Riyals.
Second: Elmar Capital Company:
Imposing a fine upon it amounting to (SR. 1,000,000) one million Saudi Riyals.
Third: Elmar Finance Company:
Imposing a fine upon it amounting to (SR. 1,000,000) one million Saudi Riyals.
Furthermore, any person who has entered into an agreement or contract with the convicted person and entities 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 who concluded an agreement or contract with the convicted person and entities to apply to the CRSD to join the class action.
