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. (2147/L.S/2021) of 1442 H., dated 06/07/1442 H., corresponding to 18/02/2021G., in the case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Thonayan bin Abdulaziz bin Naser Al Thonayan and Abdulrahman bin Muhammad bin Ali bin Rayes.
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 and funds units: Saudi Ceramic Co., Nama Chemicals Co., Hail Cement Co., Dur Hospitality Co., Saudi Printing and Packaging Co., Swicorp Wabel REIT Fund, MEFIC REIT Fund, Al Gassim Investment Holding Co., Al-Jouf Agricultural Development Co., and CHUBB Arabia Cooperative Insurance Co., during the period between 14/09/2017G. and 17/12/2018G. Such acts and practices constituted manipulation and fraud regarding the securities of the abovementioned companies and funds.
The decision included the imposition of a number of sanctions upon them according to the following:
First defendant: Thonayan bin Abdulaziz bin Naser Al Thonayan:
- Imposing a fine upon him amounting to (SR. 110,000) one hundred and ten thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 16,631.17) sixteen thousand six hundred thirty-one Saudi Riyals and seventeen Halalas against the illegal gains achieved in his portfolio as a result of such violations.
Second defendant: Abdulrahman bin Muhammad bin Ali bin Rayes:
- Imposing a fine upon him amounting to (SR. 260,000) two hundred and sixty thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 47,683.29) forty-seven thousand six hundred eighty-three Saudi Riyals and twenty-nine Halalas against the illegal gains achieved in his portfolio as a result of such violations.
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: (File Complaint Link)
(To view the dates of trading and the security in relation to the violations, click here)
