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. (3585/L.S/2024) of 1446 H., dated 24/06/1446 H., corresponding to 25/12/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Abdulrahman bin Saleh bin Abdulrahman Alrasheed and Nasser bin Abdulaziz bin Nasser Alturki.

The decision concluded with the conviction of the abovementioned individuals of violating Article (49) of the Capital Market Law and Article (2/a) of the Market Conduct Regulations, due to their act of, separately and in collaboration, entering purchase orders with the aim of influencing share prices of companies, and entering purchase orders with the aim of influencing the prices of units of investment funds, then entering sell orders, in addition to entering purchase orders with the aim of achieving a high closing bid price, when trading on the shares of the following companies: Naseej International Trading Co., Electrical Industries Co., Saudi Steel Pipe Co., Saudi Arabia Refineries Co., Saudi Cable Co., Saudi Industrial Development Co., Saudi Paper Manufacturing Co., ARTEX Industrial Investments Co., Rabigh Refining and Petrochemical Co., Al Kathiri Holding Co., Lazurde Company for Jewelry, Anaam International Holding Group, Tihama Advertising and Public Relations Co., Saudi Industrial Export Co., Thimar Development Holding Co., Fitaihi Holding Group, Red Sea International Co., AlJazira REIT, Development Works Food Co., Allianz Saudi Fransi Cooperative Insurance Company, Gulf Union Alahlia Cooperative Insurance Co., CHUBB Arabia Cooperative Insurance Co., LIVA Insurance Co., Wataniya Insurance Co., Saudi Enaya Cooperative Insurance Co. and Alinma Tokio Marine Co., during the period between 02/04/2019 until 18/10/2022, during their trading through their portfolios and the portfolios of other investors that were managed by Abdulrahman bin Saleh bin Abdulrahman Alrasheed. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned companies.

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

First: Abdulrahman bin Saleh bin Abdulrahman Alrasheed:

1. Imposing a fine upon him amounting to (SR. 1,675,000) one million six hundred seventy-five thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 1,252,693.82) one million two hundred fifty-two thousand six hundred ninety-three Saudi Riyals and eighty-two Halalas, against the illegal gains achieved in his portfolio.
3. Obliging him to pay to the CMA account the amount of (SR. 2,261,906.94) two million two hundred sixty-one thousand nine hundred six Saudi Riyals and ninety-four Halalas, against the illegal gains achieved in the two portfolios of his two minor children.
   
    
   
   Second: Nasser bin Abdulaziz bin Nasser Alturki.

1. Imposing a fine upon him amounting to (SR. 230,000) two hundred thirty thousand Saudi Riyals.
2. Obliging him to pay to the CMA account the amount of (SR. 538,982.29) five hundred thirty-eight thousand nine hundred eighty-two Saudi Riyals and twenty-nine Halalas, against the illegal gains achieved in his portfolio.

Additionally, the decision concluded with obliging some investors to pay a total amount of (SR. 1,864,348.50) one million eight hundred sixty-four thousand three hundred forty-eight Saudi Riyals and fifty Halalas, against the illegal gains achieved in their portfolios that resulted from the illegal trading committed by the convicted person; Abdulrahman bin Saleh bin Abdulrahman Alrasheed.

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 security in relation to the violation,click here​​)​

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