The General Secretariat of Committees for Resolution of Securities Disputes announces the issuance of the Appeal Committee for the Resolution of Securities Disputes resolution number 1561/L.S/2018 of 1440H dated 21/02/1440H corresponding to 30 /10/2018G on the lawsuit filed by Public Prosecution (referred to it by the Capital Market Authority) against Hasan bin Ali bin Ahmed Asiri. The verdict concluded with the conviction of the aforementioned for violating Article 49 of the Capital Market Law and Article 2 of the Market Conduct Regulations by trading in the shares of the following companies; (Anaam International Holding Group Co, Saudi Arabian Cooperative Insurance Company, Al Sagr Cooperative Insurance Co., AXA Cooperative Insurance Company, Wataniya Insurance Company and Saudi Enaya Cooperative Insurance Co.), during the period from 07/01/2015 until 29/10/2015. Such practices constituted manipulation and fraud, and created misleading and incorrect impressions about the securities of the aforementioned companies. The Committee's resolution included the imposition of a number of fines on him, detailed as follows:
Imposing a fine on him amounting (140,000) One Hundred Forty Thousand Saudi Riyals for these violations.
Obliging him to pay (129,450.63) One Hundred Twenty Nine Thousand, Four Hundred Fifty Saudi Riyals and Sixty Three Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.
Prohibiting him from trading by buying shares of the companies listed on the Exchange for his own account or in favor of others, for a period of three months.
The Committee's resolution also included obliging an investors to pay an amount of (22,685.15) Twenty Two Thousand, Six Hundred Eighty Five Saudi Riyals and Fifteen Halalas, for the illegal gains on her portfolio, resulted from the trading violations made by the violator/ Hasan bin Ali bin Ahmed Asiri.
Persons affected by these acts may file a compensation claim to the Committee as per Article 57 of the Capital Market Law, provided that such claim is proceeded by a complaint filed to the Authority.
(To view the dates of trading and securities in question, click here)
