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) decision No. (1941/L.S/2020) of 1441 H., dated 11/11/1441 H., corresponding to 02/07/2020 G., on the case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Abdulaziz bin Ojan bin Ayad Alrashidi.
The ACRSD's decision concluded with the conviction of the abovementioned individual for violating Article (49) of the Capital Market Law, as well as Article (2) of the Market Conduct Regulations, by trading in the shares of the following companies: (Abdullah A. M. Al-Khodari Sons Co. and National Agricultural Marketing Co.) during the period from 30/10/2014 G. until 09/11/2014 G.
Such practices constituted manipulation and fraud, and created a false and misleading impression to the securities of the aforementioned companies.
The ACRSD's decision included a number of sanctions on him, detailed as follows:
- Imposing a fine on him amounting to (SR. 30,000) thirty thousand Saudi Riyals.
- Obliging him to pay to the CMA's account the amount of (SR. 665,918.70) six hundred sixty-five thousand nine hundred eighteen Saudi Riyals and seventy Halalas, for the illegal gains resulted from these violations on his investment portfolios.
Furthermore, any person affected by these acts is entitled to file a compensation claim with the CRSD as per Article (57) 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)
(To view the dates of trading and the securities in relation to the violation, click
here )
