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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. (3765/L/D2/2022) of 1443 H., dated 24/08/1443 H., corresponding to 27/03/2022G., in the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Sultan bin Awad bin Redah Althakafi.

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 “Advising" and “Managing" on the Saudi Stock Exchange, for providing recommendations on the shares of companies listed on the Saudi Stock Exchange, in addition to provide investment portfolio management services, in return for annual financial subscriptions without obtaining a license from the CMA.

The decision included the imposition of a fine upon him amounting to (SR. 30,000) Thirty thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted person in relation to this violation 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 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.