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 (1611/L.S/2018) of 1440H dated 23/04/1440H corresponding to 30/12/2018G on the suit filed by Public Prosecution (referred to it by the Capital Market Authority) against Sarah bint Faisal bint Dhidan AbuThunain, Saud bin Abdullah bin Sa’adan bin Sa’adan, Naif bin Abdullah bin Sa’adan bin Sa’adan, Turki bin Abdullah bin Sa’adan bin Sa’adan, Sarah bint Sulaiman bin Ibrahim abu Heimed, Khaled bin Abdullah bin Sa’adan bin Sa’adan, Sa’ad bin Ibrahim bin Yousef Alshaiji, Majeed bin Mohamed bin Abdullah Aloraifi, Jawaher bint Mohsen bin Nahar Alda’ajani, Abdulaziz bin Bader bin Saud AL-Saud, Thamer bin Faisal bin Thamer AL-Saud, Hisham bin Abdullah bin Mohamed Alrajeh, Maher bin Abdullah bin Hamad Alshunaiber, Samar bint Same’ulhaq Qamaruddin Malik, Abdurrahman bin Mohamed bin Abdurrahman Altubaishi and Rakan bin Mohamed bin Abdurrahman Altubaishi. The resolution's text concluded with convicting 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; (Bupa Arabia for Cooperative Insurance Co., Gulf Union Cooperative Insurance Co., Allied Cooperative Insurance Group, Al-Etihad Cooperative Insurance Co., Saudi United Cooperative Assurance Co (Walaa)., Arabia Insurance Cooperative Co., Saudi Indian Company for Cooperative Insurance, Sanad Cooperative Insurance, SABB Takaful Co., Arriyadh Development Co., Saudi Industrial Export Co., Allianz Saudi Fransi Cooperative Insurance Co., Arabian Shield Cooperative Insurance Co., Takween Advanced Industries Co., Al Sorayai Trading and Industrial Group, National Gypsum Co., Al-Ahsa Development Co., Saudi Paper Manufacturing Co., Al Abdullatif Industrial Investment Co., Tihama Advertising and Public Relations Co., Tourism Enterprise Co., Ash-Sharqiyah Development Co., Malath Cooperative Insurance Co., The Mediterranean and Gulf Insurance and Reinsurance Co., Al Sagr Cooperative Insurance Co., United Cooperative Assurance Co., AXA Cooperative Insurance Co., Amana Cooperative Insurance Co. and Saudi Enaya Cooperative Insurance Co.), during the period from 01/01/2012G until 30/04/2013G. 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 them, detailed as follows:

First: Sarah bint Faisal bint Dhidan AbuThunain
1. Imposing a fine on her amounting (300,000) Three Hundred Thousand Saudi Riyals for these violations.
2. Obliging her to pay (8,034,454) Eight Million, Thirty Four Thousand, Four Hundred Fifty Four Saudi Riyals to the Capital Market Authority’s account, for the illegal gains resulted from these violations on her investment portfolio.

Second: Saud bin Abdullah bin Sa’adan bin Sa’adan
1. Imposing a fine on him amounting (1,875,000) One Million, Eight Hundred Seventy Five Thousand Saudi Riyals for these violations.
2. Obliging him to pay (6,126,616,85) Six Million, One Hundred Twenty Six Thousand, Six Hundred Sixteen Saudi Riyals and Eighty Five Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.
3. 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.

Third: Naif bin Abdullah bin Sa’adan bin Sa’adan
1. Imposing a fine on him amounting (90,000) Ninety Thousand Saudi Riyals for these violations.
2. Obliging him to pay (130,111.90) One Hundred Thirty Thousand, One Hundred Eleven Saudi Riyals and Ninety Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Fourth: Turki bin Abdullah bin Sa’adan bin Sa’adan
1. Imposing a fine on him amounting (660,000) Six Hundred Sixty Thousand Saudi Riyals for these violations.
2. Obliging him to pay (2,186,606.75) Two Million, One Hundred Eighty Six Thousand, Six Hundred Six Saudi Riyals and Seventy Five Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.
3. 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.

Fifth: Sarah bint Sulaiman bin Ibrahim abu Heimed
1. Imposing a fine on her amounting (210,000) Two Hundred Ten Thousand Saudi Riyals for these violations.
2. Obliging her to pay (1,938,967.20) One Million, Nine Hundred Thirty Eight Thousand, Nine Hundred Sixty Seven Saudi Riyals and Twenty Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on her investment portfolio.

Sixth: Khaled bin Abdullah bin Sa’adan bin Sa’adan
1. Imposing a fine on him amounting (500,000) Five Hundred Thousand Saudi Riyals for these violations.
2. Obliging him to pay (6,688,354.50) Six Million, Six Hundred Eighty Eight Thousand, Three Hundred Fifty Four Saudi Riyals and Fifty Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Seventh: Sa’ad bin Ibrahim bin Yousef Alshaiji
1. Imposing a fine on him amounting (165,000) One Hundred Sixty Five Thousand Saudi Riyals for these violations.
2. Obliging him to pay (743,364.85) Seven Hundred Forty Three Thousand, Three Hundred Sixty Four Saudi Riyals and Eighty Five Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Eighth: Majeed bin Mohamed bin Abdullah Aloraifi
1. Imposing a fine on him amounting (525,000) Five Hundred Twenty Five Thousand Saudi Riyals for these violations.
2. Obliging him to pay (4,600,068.35) Four Million, Six Hundred Thousand, Sixty Eight Saudi Riyals and Thirty Five Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.
3. 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.

Ninth: Jawaher bint Mohsen bin Nahar Alda’ajani
1.Imposing a fine on her amounting (270,000) Two Hundred Seventy Thousand Saudi Riyals for these violations.
2.Obliging her to pay (859,919) Eight Hundred Fifty Nine Thousand, Nine Hundred Nineteen Saudi Riyals to the Capital Market Authority’s account, for the illegal gains resulted from these violations on her investment portfolio.

Tenth: Abdulaziz bin Bader bin Saud AL-Saud
1.Imposing a fine on him amounting (540,000) Five Hundred Forty Thousand Saudi Riyals for these violations.
2.Obliging him to pay (403,940.30) Four Hundred Three Thousand, Nine Hundred Forty Saudi Riyals and Thirty Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Eleventh: Thamer bin Faisal bin Thamer AL-Saud
1.Imposing a fine on him amounting (435,000) Four Hundred Thirty Five Thousand Saudi Riyals for these violations.
2.Obliging him to pay (843,044.40) Eight Hundred Forty Three Thousand, Forty Four Saudi Riyals and Forty Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Twelfth: Hisham bin Abdullah bin Mohamed Alrajeh
1.Imposing a fine on him amounting (210,000) Two Hundred Ten Thousand Saudi Riyals for these violations.
2. Obliging him to pay (516,384.40) Five Hundred Sixteen Thousand, Three Hundred Eighty Four Saudi Riyals and Forty Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Thirteenth: Maher bin Abdullah bin Hamad Alshunaiber
1.Imposing a fine on him amounting (150,000) One Hundred Fifty Thousand Saudi Riyals for these violations.
2.Obliging him to pay (1,370,156.95) One Million, Three Hundred Seventy Thousand, One Hundred Fifty Six Saudi Riyals and Ninety Five Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Fourteenth: Samar bint Same’ulhaq Qamaruddin Malik
1.Imposing a fine on her amounting (30,000) Thirty Thousand Saudi Riyals for these violations.

Fifteenth:  Abdurrahman bin Mohamed bin Abdurrahman Altubaishi
1.Imposing a fine on him amounting (195,000) One Hundred Ninety Five Thousand Saudi Riyals for these violations.
2.Obliging him to pay (44,721.60) Forty Four Thousand, Seven Hundred Twenty One Saudi Riyals and Sixty Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Sixteenth:  Rakan bin Mohamed bin Abdurrahman Altubaishi
1.Imposing a fine on him amounting (105,000) One Hundred Five Thousand Saudi Riyals for these violations.
2.Obliging him to pay (164,088.20) One Hundred Sixty Four Thousand, Eighty Eight Saudi Riyals and Twenty Halalas to the Capital Market Authority’s account, for the illegal gains resulted from these violations on his investment portfolio.

Any person affected by these acts may file a compensation suit to the Committee as per Article 57 of the Capital Market Law, provided that such suit is preceded  by a complaint filed with the Authority. 

(To view the dates of trading and the securities in relation to the violations, click here)