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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 the Resolution of Securities Disputes' (ACRSD) final decision No. (2870/L.S/2023) of 1444 H., dated 17/10/1444 H., corresponding to 07/05/2023, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against a number of previous members of board of directors in the Thimar Development Holding Company (Thimar), the Managing Director, and one of the employees of the Company's previous External Auditor; being: Sari bin Ibrahim bin Abdulkarim Almayouf (Managing Director), Mut'ib bin Saif bin Abdullah Alsaif (Member of Board of Directors), Najla' bint Fahad Bin Muhammad Abunayyan (Member of Board of Directors), Abdulaziz bin Ahmad bin Abdullah Alghanim (Member of Board of Directors), Ashraf Abdulhalim Abdulaziz Afifi (employee at the Company's previous External Auditor), Ibrahim bin Abdulkarim bin Ibrahim Almayouf (Chairman of Board of Directors), and Abdullah bin Abdulrahman bin Fahad Alhamoudi (Member of Board of Directors).

The decision concluded with the conviction of the abovementioned individuals for violating Article (49/a) of the Capital Market Law, due to their acts - each according to his/her position – in proving incorrect information in the financial statements that affected the Company's assets and showed its financial statements untrue, and created a false and misleading impression regarding the value of the security of Thimar Company. These acts resulted in inflating the net profit for the initial financial period ending on 31/03/2015, and the annual financial period ending on 31/12/2015, that includes recording profit value of sale of investments in associate companies with a value of (SR. 35,000,000), and proving such profits incorrectly.

The decision also convicted Sari bin Ibrahim bin Abdulkarim Almayouf for violating Article (7) of the Market Conduct Regulations and Article (211/b) of the Companies Law, for deliberately commiting an act that created an false and misleading impression with the aim of affecting the value of the Company's security through his responsibility for what was included in his statement contained in the press release published on the Saudi Exchange website on 31/03/2015, in which he affirmed that the process of selling and transferring the Company's portions in the Thimar and Wasmi Agricultural Markets Company is consistent with the Company's strategy. He also concealed material information relating to the sale transaction of such portions, in addition to using the Company's funds against its interests to achieve personal aims, by receiving a bank transfer in the amount of (SR. 1,500,000) from an external party, preceded by the Company's transfer of the said amount from its account to the account of the same external party without he providing a legal justification for obtaining such amount, as well as he obtaining an amount of (SR. 6,049,480) as a bonus for the profit achieved during the two fiscal years 2014 and 2015, part of which was the profit realized from the concluded contract.

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

First: Sari bin Ibrahim bin Abdulkarim Almayouf:

1. Imposing a fine upon him amounting to (SR. 2,300,000) two million three hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of Ten years.

Second: Mut'ib bin Saif bin Abdullah Alsaif:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of Two years.

Third: Najla' bint Fahad Bin Muhammad Abunayyan:

1. Imposing a fine upon her amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning her from working in companies listed in the Exchange for a period of Two years.

Forth: Abdulaziz bin Ahmad bin Abdullah Alghanim:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of Two years.

Fifth: Ashraf Abdulhalim Abdulaziz Afifi:

1. Imposing a fine upon him amounting to (SR. 100,000) one hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of Five years.
3. Banning him from providing legal accounting business for Authorized Persons or any issuer of securities or any entity that intends to issue securities for a period of Ten years.

Sixth: Ibrahim bin Abdulkarim bin Ibrahim Almayouf:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of Two years.

Seventh: Abdullah bin Abdulrahman bin Fahad Alhamoudi:

1. Imposing a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of Two years.

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.​

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