The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Committee for Resolution of Securities Disputes (CRSD) final decision No. (3737/L/D1/2022) of 1443 H., dated 10/08/1443 H., corresponding to 13/03/2022G., in the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Nawaf bin Mohammed bin Jam'an Alsukhaiber Alharbi.

The decision concluded with the conviction of the abovementioned individual for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations by carrying out securities business represented in “Managing" and “Advising" in relation to shares of listed companies in the Saudi Stock Exchange, in return for a percentage of the profits without obtaining a license from the CMA.  

The decision included the imposition of a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted person in relation to these violations is entitled to file a claim (as individual or class action) 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/her 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 in this regard, via the following link: (File Complaint)

However, the GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of investors who concluded an agreement or contract with the convicted person to apply to the CRSD to join the class action.