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 (1593/L.S/2018) of 1440H. dated 08/04/1440 H, corresponding to 15/12/2018 G, in the lawsuit filed by the Public Prosecution (referred to it by the Capital Market Authority) against: Abdulrahman bin Fahad bin Abdulrahman Alqaba'a. The verdict concluded with the conviction of the aforementioned for violating Article (49) of the Capital Market Law and Articles (2) and (8) of the Market Conduct Regulations by buying shares in a number of listed companies, and promoting them by using his account on the social network "Twitter"  with the handle name (@KsaAa3003) for the purpose of influencing the others to buy or sell the shares of such companies, and then entering his sale orders after the share price has risen. Such violating acts and practices were carried out on the shares of the following companies: (Al Sorayai Trading and Industrial Group, United Wire Factories Co., National Gas and Industrialization Co., Wafrah for Industry and Development Co., Saudi Industrial Services Co., Al-Babtain Power and Telecommunication Co., Hail Cement Co., National Medical Care Co., Al Hammadi Company for Development and Investment, Saudi Automotive Services Co., Aseer Trading, Tourism and Manufacturing Co., Arriyadh Development Co., Tourism Enterprise Co., Emaar The Economic City, Jabal Omar Development Co., Knowledge Economic City, Halwani Bros. Co., Etihad Atheeb Telecommunication Co., Salama Cooperative Insurance Co., Alahli Takaful Co., Al-Rajhi Company for Cooperative Insurance, Alinma Tokio Marine Co., Wataniya Insurance Co., United Cooperative Assurance Co., SABB Takaful Co., The Mediterranean and Gulf Insurance and Reinsurance Co., Jazan Energy and Development Co., Alandalus Property Co., Saudi Printing and Packaging Co., Fawaz Abdulaziz Alhokair Co., Fitaihi Holding Group, National Agricultural Marketing Co., Taiba Holding Co., Tihama Advertising and Public Relations Co., Saudi Public Transport Co., Saudi Marketing Co., United Electronics Co., Al Abdullatif Industrial Investment Co., Zamil Industrial Investment Co., The National Company for Glass Industries, National Gypsum Co., Saudi Steel Pipe Co., and Al Hassan Ghazi Ibrahim Shaker Co.) during the period from 29/11/2015 G. until 02/06/2016 G. These practices constituted manipulation and fraud, and created incorrect and misleading impression regarding the securities of the aforementioned companies. The Committee's resolution included the imposition of a number of fines on him, detailed as follows:

The Committee's resolution in this lawsuit also included obliging an investor to pay an amount of (20,177.49) Twenty Thousand, One Hundred Seventy Seven, Saudi Riyals and Forty Nine Halalas to the Capital Market Authority's account,  for the illegal gains resulted from these violations on his investment portfolio, resulted from the trading violations made by the violator Abdulrahman bin Fahad bin Abdulrahman Alqaba'a.

 

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.