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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 Resolution of Securities Disputes' (ACRSD) final decision No. (3502/L.S/2024) of 1446 H., dated 04/04/1446 H., corresponding to 07/10/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Ertiyad Holding Group.

The decision concluded with the conviction of the abovementioned entity of violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations, for practicing securities business, represented in the activity of “Acting as an Agent", without obtaining a license from the CMA, by receiving funds and investing them in the Saudi Exchange in return for a portion of profits.

The decision included the imposition of a fine amounting to (SR 6,120,000) six million one hundred twenty thousand Saudi Riyals.

Furthermore, any person who has entered into an agreement or contract with the convicted entity 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 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 on this regard, via the following  link (File Complaint Link).

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 entity to apply to the CRSD to join the class action. ​

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