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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) dated 23-2-1435H / 26-12-2013 regarding the lawsuit filed by the Capital Market Authority (CMA) against Bader bin Humood bin Ali AlHarbi. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendant of violating Article (49) of the Capital Market Law as well as Article (2) and Article (3) of the Market Conduct Regulations when trading the shares of The Saudi Industrial Development Co.(SIDC), Filing & Packing Materials Manufacturing Co. , Saudi Industrial Services Co., Saudi International Petrochemical Co, Saudi Vitrified Clay Pipes co., Anaam International Holding Group CO., Aseer Trading, Tourism & Manufacturing Co., National Agriculture Marketing Co., Kingdom Holding Company, Tabuk Agriculture Development Co., Malath Cooperative Insurance and Reinsurance Company, Allied Cooperative Insurance Group, Gulf Union Cooperative Insurance Company, Al Sagr Co-operative Insurance Co, AXA Cooperative Insurance Company, Al Alamiya for Cooperative Insurance Company, Saudi Re for Cooperative Reinsurance Company, Trade Union Cooperative Insurance Company, Bupa Middle East Insurance,  Weqaya Takaful insurance and reinsurance company, Al-Rajhi Company for Cooperative Insurance, ACE Arabia Cooperative Insurance  Company, Al-Ahlia Insurance Company,  Saudi IAIC Cooperative Insurance Company, SABB Takaful, ALAHLI Takaful Company, Arabia Insurance Cooperative Company, Tihama Advertising & Public Relations Co. , Mohammad Al Mojil Group Company, Al-Baha Investment & Development co., Arabian Shield Cooperative Insurance Company¸ Saudi Fisheries Co., Jazan Development Co., Ash-Sharqiyah Development Company, Fawaz Abdulaziz AlHokair Company, Saudi Arabia Refineries Co. during the periods from 3/10/2009 until 21/10/2009 and from 22/10/2009 until 25/11/2009 and 5/12/2009 until 30/1/2010. These practices formed manipulation and fraud and created a misleading and incorrect impression. The following fines and sanctions shall be applied:

  1. Impose a fine on him amounting to (SR. 370,000) Three Hundred  and Seventy Thousand Saudi Riyals as a result of these violations.
  2. Prevent him from trading the shares of the companies listed in the stock market by buying them for one year.
  3. He shall refrain for One year from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.
  4. He shall refrain from working in listed companies for one year.
  5. Oblige the investor with a national ID numbered (1051685798) to pay all the revenues he collected on his portfolio to CMA’s account.The total amount is (SR 153, 664.18) One Hundred and Fifty Three Thousand, Six Hundred and Sixty Four Riyals and Eighteen  Halalas due to the violations by (Bader bin Humood bin Ali AlHarbi)

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.