The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for the Resolution of Securities Disputes' (ACRSD) final decision No. (2616/L.S/2022) of 1444 H., dated 23/01/1444 H., corresponding to 21/08/2022 G., on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Ahmad Essam Ahmad Nayteh, Waleed Abdulrazzaq Dawood Bin Dawood, Hatem Mahmoud Abdulaali Altayari, Muayyad Muhammad Khair Mazhar Altahan, Thamer Mahmoud Abdulaali Altayari, Ahmad Abdulrazzaq Dawood Bin Dawood, Faisal Hosni Ahmad Jamal, Abdulrahman Abdulaali Abdulkareem Altayari, Akram Hosni Ahmad Jamal, and Ahmad Hosni Ahmad Jamal.

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 in the shares of the following companies:

 Development Works Food Co., Bank Albilad, Takween Advanced Industries Co., Nama Chemicals Co., Saudi Industrial Investment Group, Al Kathiri Holding Co., Tabuk Cement Co., Alandalus Property Co., National Agricultural Development Co., The Company for Cooperative Insurance, Bupa Arabia for Cooperative Insurance Co., and Alinma Tokio Marine Co., during the period between 05/07/2020G. until 05/10/2020G. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the securities of the abovementioned companies; during their trading, through their investment portfolios and the investment portfolio belonging to one of the investors, which is managed by the convicted individual: Ahmad Abdulrazzaq Dawood Bin Dawood, by entering purchase orders that aim to influence the share price and then sell them, and by entering purchase orders with the aim of achieving a high closing auction price and then sell them.

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

First: Ahmad Essam Ahmad Nayteh:

1. Imposing a fine upon him amounting to (SR. 150,000) one hundred fifty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 186,725/53) one hundred eighty-six thousand seven hundred twenty-five Saudi Riyals and fifty-three Halalas against the illegal gains achieved in his two investment portfolios.

Second: Waleed Abdulrazzaq Dawood Bin Dawood:

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. 485,393/32) four hundred eighty-five thousand three hundred ninety-three Saudi Riyals and thirty-two Halalas against the illegal gains achieved in his investment portfolio.

Third: Hatem Mahmoud Abdulaali Altayari:

1. Imposing a fine upon him amounting to (SR. 190,000) one hundred ninety thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 820,549/75) eight hundred twenty thousand five hundred forty-nine Saudi Riyals and seventy-five Halalas against the illegal gains achieved in his two investment portfolios.

Fourth: Muayyad Muhammad Khair Mazhar Altahan:

1. Imposing a fine upon him amounting to (SR. 40,000) forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 462,428/80) four hundred sixty-two thousand four hundred twenty-eight Saudi Riyals and eighty Halalas against the illegal gains achieved in his two investment portfolios.

Fifth: Thamer Mahmoud Abdulaali Altayari:

1. Imposing a fine upon him amounting to (SR. 120,000) one hundred twenty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 463,736/17) four hundred sixty-three thousand seven hundred thirty-six Saudi Riyals and seventeen Halalas against the illegal gains achieved in his investment portfolio.

Sixth: Ahmad Abdulrazzaq Dawood Bin Dawood:

1. Imposing a fine upon him amounting to (SR. 180,000) one hundred eighty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 1,915,653/48) one million nine hundred fifteen thousand six hundred fifty-three Saudi Riyals and forty-eight Halalas against the illegal gains achieved in his two investment portfolios.
3. Banning him from working in institutions under the supervision of the CMA for a period of six months.

Seventh: Faisal Hosni Ahmad Jamal:

1. Imposing a fine upon him amounting to (SR. 130,000) one hundred thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 227,768/01) two hundred twenty-seven thousand seven hundred sixty-eight Saudi Riyals and one Halala against the illegal gains achieved in his investment portfolio.

Eighth: Abdulrahman Abdulaali Abdulkareem Altayari:

1. Imposing a fine upon him amounting to (SR. 110,000) one hundred and ten thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 529,225/17) five hundred twenty-nine thousand two hundred twenty-five Saudi Riyals and seventeen Halalas against the illegal gains achieved in his investment portfolio.

Ninth: Akram Hosni Ahmad Jamal:

1. Imposing a fine upon him amounting to (SR. 140,000) one hundred and forty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 301,501/59) three hundred one thousand five hundred one Saudi Riyals and fifty-nine Halalas against the illegal gains achieved in his investment portfolio.

Tenth: Ahmad Hosni Ahmad Jamal:

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. 108,094/80) one hundred eight thousand ninety-four Saudi Riyals and eighty Halalas against the illegal gains achieved in his investment portfolio.

The decision also included obliging an investor to pay to the CMA account the total amount of (SR. 1,310,363/30) one million three hundred ten thousand three hundred sixty-three Saudi Riyals and thirty Halalas for the illegal gains achieved in his investment portfolio that resulted from the violated trading by the convicted individual: Ahmad Abdulrazzaq Dawood Bin Dawood.

Furthermore, any person affected by these violations in this case is entitled to file a compensation claim (as individual or class action) with the CRSD for the damage he/she suffered from due to these violations, provided that such claim is preceded by a complaint filed  with the  CMA on 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 affected by such violations to apply to the CRSD to join the class action.

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

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