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The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (1943/L.S/2020) of 1441 H., dated 11/11/1441 H., corresponding to 02/07/2020 G, in the case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Muhammad bin Ghanem bin Watban Adosary, Mahmoud Bukair Muhammad Bukair, and Muhammad Abdulrazaq Bayomi Abdulhamid.

The ACRSD's decision concluded with the conviction of the abovementioned individuals for violating Article (31) of the Capital Market Law, as well as Article (5) and Article (17) of the Securities Business Regulations, by carrying out securities business, represented in “Advising" regarding shares on companies listed on the Saudi Stock Exchange in return for financial subscriptions, and using  advertisement on the following websites: with the name (elraed) through the link (www.el-raed.org), with the name (almodareb) through the link (http://www.almodareb.org) and with the name (KSA stock company) through the link (http://ksa-stock.mobi), without obtaining a license from the CMA.

The ACRSD's decision included a number of sanctions upon them according to the following:

First defendant: Muhammad bin Ghanem bin Watban Adosary:

1. Imposing a fine on him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.
2. Imposing a fine on him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.

Second defendant: Mahmoud Bukair Muhammad Bukair:

1. Imposing a fine on him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.
2. Imposing a fine on him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.

Third defendant: Muhammad Abdulrazaq Bayomi Abdulhamid:

1. Imposing a fine on him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.
2. Imposing a fine on him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.

Furthermore, any person who has entered into an agreement or contract with the convicted persons in relation to these violations is entitled to file a claim with the CRSD to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred by him under the agreement or contract, as per Article (60/b) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard, via the following  link (click here).