Announcement from CRSD

​The Committee for Resolution of Securities Disputes (CRSD) announces the issuance of its decision No. (1000/L/D1/2012 G. for 1433 H.), dated 9/7/1433 H., corresponding to 30/5/2012 G., in the lawsuit of practicing businesses of securities without obtaining formal license from CMA. CRSD decision ruling provided the following:

First: Ruling in absentia after proving that the accused person Turki bin Sa'eed bin 'Awadh Alqahtani, holding national identification number (1041481050) had violated Article (31) of the Capital Market Law, as well as Articles (5) and (17) from the  Securities Business Regulations, hence the following penalties shall be imposed:

1. Obliging him to pay back the gains he achieved as a result of this violation to the account of CMA, which amounts to (SR. 150,000) one hundred fifty thousand Saudi Riyals.

2. Imposing a fine on him amounting to (SR. 200,000) two hundred thousand Saudi Riyals for such violations.

3. Prohibiting him from practicing brokerage businesses, portfolio management and working as an investment adviser for three years.

Second: Lifting the provisional seizure issued against the accused person vide CRSD's decision No. (902/L/D1/2011 G. for the year 1432 H.) after this decision became final and the ruled amount was collected.

Since it was not possible to locate the addresses of this person, it was decided to notify him on this decision which was issued against him by publishing such a decision in the Official Gazette. This individual may object to the decision within thirty days from the date of publication of this Announcement. If no objection during this period was filed, the decision shall become final.​