The Committee for Resolution of Securities Disputes (CRSD) announces that it has issued its decision No. (956/L/D1/2012 G. for the year 1433 H.) dated 23/2/1433 H. corresponding to 17/1/2012 G., in the lawsuit of practicing businesses of securities without obtaining a formal license from CMA. CRSD decision included the following:

First: Ruling in absentia after proving that the accused person (Ahmed bin Muhamad bin Jam'an Alzahrani) holding national identification number (1019930138) had violated Article (31) of the Capital Market Law and Article (5) of the  Securities Business Regulations, hence the following penalties shall be imposed:

a.       Imposing a fine of (100,000) one hundred thousand Saudi Riyals for such an offense.

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

 Second: Lifting the travel ban issued against the accused person vide CRSD's temporary decision No. (904/L/D1/2011 G. for the year 1432 H.) dated 13/11/1432 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.

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