The General Secretariat of the Committees for Resolution of Securities Disputes (CRSD) announces decision issuance of the Appeal Committee for Resolution of Securities Disputes (ACRSD) No. (1633/L.S/2019) of 1440 H. dated 22/05/1440 H., corresponding to 28/01/2019, in the case filed by the Public Prosecution, referred to by the Capital Market Authority (CMA), against: Ghdair bin Saleh bin Ghdair Alrasheed.

The ACRSD decision concluded the conviction of the abovementioned individual for violating Article (49) of the Capital Market Law, and Article (2) of the Market Conduct Regulations, when trading in the following companies: (Tihama Advertising and Public Relations Co., and Tourism Enterprise Co.) during the period from 13/05/2013 until 14/11/2013.

These acts and practices were manipulative and fraudulent. They created a false and misleading impression regarding the security of the abovementioned companies.

The decision of the Appeal Committee included a number of sanctions upon the convicted individual, according to the following:

1. Imposing a fine on him amounting (240,000) Two Hundred Forty Thousand riyals for these violations.
2. Banning him from purchasing shares of companies listed in the exchange for himself or by proxy on behalf of others for a period of five years.
3. Banning him from managing portfolios, and working as an investment advisor for five years.
4. Banning him from working in companies whose shares are traded in the Saudi exchange for five years.

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 preview the violation trading history and the concerned security, click here)