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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) decision No. (2062/L.S/2020) of 1442 H., dated 03/04/1442 H., corresponding to 18/11/2020, in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Ahmad bin Saleh bin Ahmad bin Jubair, Mut'eb bin Ahmad bin Muhammad Alhaydar, Saud bin Fawaz bin Rashed Altamami, Sami bin Abdulaziz bin Muhammad Alhusaynan, Ali Abdulkhaliq Abdul'al Gharibah, Muhammad Sabir Ibrahim Hussain, and Mudhayan bin Jeza bin Falah Alotaibi.

The decision concluded with the conviction of the abovementioned individuals for violating Article (49) of the Capital Market Law, as well as Article (2) of the Market Conduct Regulations, when trading the shares of the following companies: Allied Cooperative Insurance Group, Al-Etihad Cooperative Insurance Co., Saudi Enaya Cooperative Insurance Co., Saudi Pharmaceutical Industries and Medical Appliances Corp., Saudi Airlines Catering Co., Gulf Union Cooperative Insurance Co., Saudi Re for Cooperative Reinsurance Co., CHUBB Arabia Cooperative Insurance Co., and Gulf General Cooperative Insurance Co.

The violations were committed during the period between 08/01/2017 G. and 29/10/2017 G., also during the period between 05/12/2017 G. and 22/02/2018 G. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned companies.

The decision included the imposition of a number of sanctions upon them, according to the following:

First: Ahmad bin Saleh bin Ahmad bin Jubair (in absentia):

1. Imposing a fine upon him amounting to (SR. 780,000) seven hundred eighty thousand Saudi Riyals.

2)     Obliging him to pay to the CMA account the amount of (SR. 1,065,066.41) one million sixty-five thousand sixty-six Saudi Riyals and forty-one Halalas, against the illegal gains achieved in his investment portfolio.

3)     Banning him from trading by purchasing shares of companies listed on the Exchange for a period of one year, excluding trading through investment funds with Authorised Persons.

Second: Mut'eb bin Ahmad bin Muhammad Alhaydar:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.

2)     Obliging him to pay to the CMA account the amount of (SR. 504,978.58) five hundred four thousand nine hundred seventy-eight Saudi Riyals and fifty-eight Halalas, against the illegal gains achieved in his investment portfolio.

Third: Saud bin Fawaz bin Rashed Altamami:

1. Imposing a fine upon him amounting to (SR. 390,000) three hundred ninety thousand Saudi Riyals.

2)     Obliging him to pay to the CMA account the amount of (SR. 144,673.19) one hundred forty-four thousand six hundred seventy-three Saudi Riyals and nineteen Halalas, against the illegal gains achieved in his investment portfolio.

Forth: Sami bin Abdulaziz bin Muhammad Alhusaynan:

1. Imposing a fine upon him amounting to (SR. 140,000) one hundred forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 397,091.74) three hundred ninety-seven thousand ninety-one Saudi Riyals and seventy-four Halalas, against the illegal gains achieved in his investment portfolio.

Fifth: Ali Abdulkhaliq Abdul'al Gharibah (in absentia):

1. Imposing a fine upon him amounting to (SR. 70,000) seventy thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 11,846.62) eleven thousand eight hundred forty-six Saudi Riyals and sixty-two Halalas, against the illegal gains achieved in his investment portfolio.

Sixth: Muhammad Sabir Ibrahim Hussain:

1. Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 14,887.34) fourteen thousand eight hundred eighty-seven Saudi Riyals and thirty-four Halalas, against the illegal gains achieved in his investment portfolio.

Seventh: Mudhayan bin Jeza bin Falah Alotaibi:

1. Imposing a fine upon him amounting to (SR. 60,000) sixty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 12,710.97) twelve thousand seven hundred ten Saudi Riyals and ninety-seven Halalas, against the illegal gains achieved in his investment portfolio.

Furthermore, any person affected by these acts is entitled to file a compensation claim with the CRSD pursuant to Article (57) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard. To file the complaint: (click here)

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