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. (3199/L.S/2024) of 1445 H., dated 23/07/1445 H., corresponding to 04/02/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Abdulaziz bin Abdulkhaliq bin Muhamad Al Ayid Almuntashiry.
The decision concluded with the conviction of the abovementioned individual of violating Article (49/a) of the Capital Market Law, as well as Article (2/a) of the Market Conduct Regulations for entering purchase orders aiming to affect the share price then selling, as well as entering sale orders aiming to affect the share price then purchasing, when trading in the shares of the following companies: Takween Advanced Industries Co., Saudi Steel Pipe Co., National Gypsum Co., Saudi Advanced Industries Co., National Metal Manufacturing and Casting Co., Najran Cement Co., Al Kathiri Holding Co., Middle East Healthcare Co., Saudi Automotive Services Co., Emaar The Economic City, Red Sea International Co., National Company for Learning and Education, Dar Alarkan Real Estate Development Co., Al Gassim Investment Holding Co., Aljazira Takaful Taawuni Co., Fesh Fash Snack Food Production Co. and Arabian Food and Dairy Factories Co., during the period from 13/08/2020 until 15/06/2022. Such acts and practices formed manipulation and fraud and created a false and misleading impression regarding the security of the above-mentioned companies.
The decision included the imposition of a number of sanctions upon him according to the following:
- Imposing a fine upon him amounting to (SR. 1,750,000) one million seven hundred fifty thousand Saudi Riyals.
- Obliging him to pay to the CMA account the amount of (SR. 2,038,095.39) two million thirty-eight thousand ninety-five Saudi Riyals and thirty-nine Halalas, against the illegal gains achieved in his portfolio.
- Banning him from trading by purchasing shares of listed companies in the Saudi exchange, either directly or indirectly, excluding trading through investment funds with Capital Market Institutions for 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.
(To view the dates of trading and securities in relation to the violations, click here)
