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. (2887/L.S/2023) of 1444 H., dated 27/10/1444 H., corresponding to 17/05/2023, on the public case filed by the Capital Market Authority (CMA) against a number of (previous) members of board of directors and the managing director in the Thimar Development Holding Company (Thimar), being: Ibrahim bin Abdulkarim bin Ibrahim Almayouf (Chairman of Board of Directors), Sari bin Ibrahim bin Abdulkarim Almayouf (Managing Director), Abdulaziz bin Ahmad bin Abdullah Alghanim (Member of Board of Directors), Ibrahim bin Muhammad bin Ibrahim Alshabeeb (Member of Board of Directors), Abdulkarim bin Ibrahim bin Abdulkarim Almayouf (Member of Board of Directors), Mut'ib bin Saif bin Abdullah Alsaif (Member of Board of Directors), Najla' bint Fahad bin Muhammad Abunayyan (Member of Board of Directors), Musfer bin Muhammad bin Hamad bin Mutlaq Alomorat (Member 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 (44) of the Listing Rules, as well as Article (66) of the Rules on the Offer of Securities and Continuing Obligations, when not practicing their authorities and performing their duties as members of the Company's board of directors for the interest of the Company by not following the legal procedures necessary to claim the remaining amount of selling part of the portion owned by the Company in the Thimar and Wasmi Agricultural Markets Company from the portion buyer. The decision also concluded the conviction of Ibrahim bin Abdulkarim bin Ibrahim Almayouf, Sari bin Ibrahim bin Abdulkarim Almayouf, Abdulaziz bin Ahmad bin Abdullah Alghanim for violating Article (67) of the Rules on the Offer of Securities and Continuing Obligations when not providing the CMA with a copy of the documents relating to certifying the procedures of selling the portion owned by the Company in the Thimar and Wasmi Agricultural Markets Company when required by the CMA.

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

First: 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.

Second: Sari bin Ibrahim bin Abdulkarim 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.

Third: 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.

Forth: Ibrahim bin Muhammad bin Ibrahim Alshabeeb:

1. Imposing a fine upon him amounting to (SR. 65,000) sixty-five thousand Saudi Riyals.

Fifth: Abdulkarim bin Ibrahim bin Abdulkarim Almayouf:

1. Imposing a fine upon him amounting to (SR. 65,000) sixty-five thousand Saudi Riyals.

Sixth: Mut'ib bin Saif bin Abdullah Alsaif:

1. Imposing a fine upon him amounting to (SR. 65,000) sixty-five thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of Two years.

Seventh: Najla' bint Fahad bin Muhammad Abunayyan:

1. Imposing a fine upon her amounting to (SR. 35,000) thirty-five thousand Saudi Riyals.
2. Banning her from working in companies listed in the Exchange for a period of One year.

Eighth: Musfer bin Muhammad bin Hamad bin Mutlaq Alomorat:

Imposing a fine upon him amounting to (SR. 25,000) twenty-five thousand Saudi Riyals.

Ninth: Abdullah bin Abdulrahman bin Fahad Alhamoudi:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals.
2. Banning him from working in companies listed in the Exchange for a period of One year.

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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