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Published on the same date

An announcement by the Capital Market Authority regarding the issuance of the final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) to convict a violator of the Capital Market Law and its implementing regulations

CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 3-8-1433H/23-6-2012 regarding the lawsuit filed by the Capital Market Authority (CMA) against the following persons: Mohammed bin Mueed Al-Qahtani, Mohammed bin Adel Akeel, and Sultan bin Mohammed Al-Qahtani. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendants of violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations while trading the shares of the Tourism Enterprise Company (SHAMS) during the period between 1-4-2007 and 22-4-2007. The decision included the imposition of the following penalties on the defendants:

First: Mohammed bin Mueed Al-Qahtani

1- Imprisonment for a period of six months.

2- Imposition of a penalty of (SR100,000) One Hundred Thousand Riyals on the defendant.

3- He shall refrain from trading in the shares of listed companies in the market –buying – for a period of five years.

4- He shall refrain from engaging in activities of brokerage and portfolio management, from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant for a period of five years.

5- He shall not be allowed to work in a company that is listed in the stock market for a period of three years.

Second: Mohammed bin Adel Akeel

1- Oblige him to pay all the revenues he collected in his portfolio due to his violation to CMA’s account. The total amount is (SR2,199,384.66) Two Million One Hundred Ninety Nine Thousand Three Hundred Eighty Four Riyals Sixty Six Halalas.

2- Imposition of a penalty of (SR100,000) One Hundred Thousand Riyals on the defendant.

3- He shall refrain from trading in the shares of listed companies in the market –buying – for a period of one year.

4- He shall not be allowed to work in a company that is listed in the stock market for a period of three years.

Third: Sultan bin Mohammed Al-Qahtani

1- Oblige him to pay all the revenues he collected in his portfolio due to his violation to CMA’s account. The total amount is (SR6,952,907.89) Six Million Nine Hundred Fifty Two Thousand Nine Hundred Seven Riyals Eighty Nine Halalas.

2- Imposition of a penalty of (SR100,000) One Hundred Thousand Riyals on the defendant.

3- He shall refrain from trading in the shares of listed companies in the market –buying – for a period of one year.

4- He shall not be allowed to work in a company that is listed in the stock market for a period of three years.

Fourth: The certitude of the practices and violations of the first defendant, Mohammed bin Mueed Al-Qahtani, committed in the portfolio owned by the person whose civil status number is (1028959615). The owner of the portfolio will be obliged to pay to CMA’s account all the revenues she gained that was collected by her agent (the first defendant). The total amount is (SR4,468,017.65) Four Million Four Hundred Sixty Eight Thousand Seventeen Riyals Sixty Five Halalas.

Fifth: The certitude of the practices and violations of the the first defendant, Mohammed bin Mueed Al-Qahtani, committed in the portfolio owned by the person whose civil status number is (1036046835). The owner of the portfolio will be obliged to pay to CMA’s account all the revenues he gained that was collected by his agent (the first defendant). The total amount is (SR1,455,717.23) One Million Four Hundred Fifty Five Thousand Seven Hundred Seventeen Riyals Twenty Three Halalas.

By that, CMA insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.