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. (3704/L.S/2025) of 1446 H., dated 19/09/1446 H., corresponding to 19/03/2025, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Ibrahim bin Abdullah bin Muhammad Aljunaidli, Ahmad bin Ali bin Sulaiman Alyahya, Ismail bin Saleh bin Muhammad Alhathlol, Khaled bin Abdullah bin Shlash Alshlash, Daham bin Muhammad bin Hamoud Aldaham, Abdulrahman bin Abdullah bin Abdulrahman Aloraini, Abdulmalik bin Abdulaziz bin Suliman Alsukait, Ali bin Saleh bin Ali Alothaim, Majed bin Romi bin Sulaiman Alromi, and Sulaiman bin Muhammad bin Saleh Alothaim.
The decision concluded with the conviction of the abovementioned individuals of violating Article (49.a) of the Capital Market Law and Article (2.a) of the Market Conduct Regulations, for their act solely and collectively of entering purchase and sale orders with the aim of influencing the share price, and entering sale orders with the aim of achieving higher closing bid price, when trading on the shares of Dar Alarkan Real Estate Development Co. during the period between 03/02/2019 until 12/05/2020, through their portfolios or other portfolios that they manage. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned Company.
The decision included the imposition of a number of sanctions upon them according to the following:
First: Ibrahim bin Abdullah bin Muhammad Aljunaidli:
- Imposing a fine upon him amounting to (SR. 150,000) one hundred fifty thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 20,518,060.11) twenty million five hundred eighteen thousand sixty Saudi Riyals and eleven Halalas, against the illegal gains achieved in his portfolio.
- Banning him from trading by purchasing shares in the Saudi Exchange, either directly or indirectly, for a period of Two years.
Second: Ahmad bin Ali bin Sulaiman Alyahya:
- Imposing a fine upon him amounting to (SR. 75,000) seventy-five thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 23,479,263.83) twenty-three million four hundred seventy-nine thousand two hundred sixty-three Saudi Riyals and eighty-three Halalas, against the illegal gains achieved in his portfolio.
- Banning him from trading by purchasing shares in the Saudi Exchange, either directly or indirectly, for a period of Two years.
Third: Ismail bin Saleh bin Muhammad Alhathlol:
- Imposing a fine upon him amounting to (SR. 175,000) one hundred seventy-five thousand Saudi Riyals.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Three years.
Fourth: Khaled bin Abdullah bin Shlash Alshlash:
- Imposing a fine upon him amounting to (SR. 125,000) one hundred twenty-five thousand Saudi Riyals.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Two years.
Fifth: Daham bin Muhammad bin Hamoud Aldaham:
- Imposing a fine upon him amounting to (SR. 15,000) fifteen thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 3,183.92) three thousand one hundred eighty-three Saudi Riyals and ninety-two Halalas, against the illegal gains achieved in his portfolio.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Two years.
Sixth: Abdulrahman bin Abdullah bin Abdulrahman Aloraini:
- Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 12,045,382.56) twelve million forty-five thousand three hundred eighty-two Saudi Riyals and fifty-six Halalas, against the illegal gains achieved in his portfolio.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Two years.
Seventh: Abdulmalik bin Abdulaziz bin Sulaiman Alsukait:
- Imposing a fine upon him amounting to (SR. 20,000) twenty thousand Saudi Riyals.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Two years.
Eighth: Ali bin Saleh bin Ali Alothaim:
- Imposing a fine upon him amounting to (SR. 80,000) eighty thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 5,242,949.50) five million two hundred forty-two thousand nine hundred forty-nine Saudi Riyals and fifty Halalas, against the illegal gains achieved in his portfolio.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Three years.
Ninth: Majed bin Romi bin Suliman Alromi:
- Imposing a fine upon him amounting to (SR. 80,000) eighty thousand Saudi Riyals.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Two years.
Tenth: Sulaiman bin Muhammad bin Saleh Alothaim:
- Imposing a fine upon him amounting to (SR. 40,000) forty thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 2,919,091.84) two million nine hundred nineteen thousand ninety-one Saudi Riyals and eighty-four Halalas, against the illegal gains achieved in his portfolio.
- Banning him from trading by purchasing shares, either directly or indirectly, for a period of Two years.
Additionally, the decision concluded with obliging a number of investors to pay to the CMA account a total amount of (SR. 31,972,594.54) thirty-one million nine hundred seventy-two thousand five hundred ninety-four Saudi Riyals and fifty-four Halalas, against the illegal gains achieved in their portfolios that resulted from the illegal trading committed by the convicted persons: Ismail bin Saleh bin Muhammad Alhathlol, Ali bin Saleh bin Ali Alothaim, and Majed bin Romi bin Sulaiman Alromi, or as a result of benefiting from such illegal trading.
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.
(To view the dates of trading and security in relation to the violation, click here)