The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces decision issuance of the Appeal Committee for Resolution of Securities Disputes (ACRSD) No. (1650/L.S/2019) of 1440 H. dated 03/06/1440 H., corresponding to 08/02/2019, in the case filed by the Public Prosecution (referred to it by the Capital Market Authority) against: Ali bin Abdullah bin Sheban Alshamrani.  

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: (Saudi Printing and Packaging Co., Al-Ahlia Insurance Co., the Arabia Insurance Cooperative Co., Bupa Arabia for Cooperative Insurance Co., AlAlamiya for Cooperative Insurance Co., AlAlamiya for Cooperative Insurance Co. (Priority rights), and Alinma Tokio Marine Co.) during the period from 09/12/2014 until 22/03/2015, and when trading in the following companies: (AXA Cooperative Insurance Co., Wataniya Insurance Co., and Amana Cooperative Insurance Co.) during the period from 05/04/2015 until 04/08/2015.   

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 (190,000) One Hundred Ninety thousand Riyals for these violations.  
2. Obliging him to pay (14,191.30) Fourteen Thousand, One Hundred and Ninety One Riyals and Thirty Halalas to the Capital Market Authority's account, for the illegal gains resulted from these violations on his two investment portfolios.
3. Banning him from purchasing shares of companies listed in the exchange for himself or by proxy on behalf of others for a period of three months.

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)