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Published on the same date

An announcement by the Capital Market Authority regarding the issuance of the 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 decision by the Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 8/7/1436H corresponding to 27/04/2015 regarding the lawsuit filed by the Capital Market Authority (CMA) against Sulaiman bin Saleh bin Abdullah Alkhelewy. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) to convict him of violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations by trading the shares of the following companies: (Saudi Ceramic Co., National Gas and Industrialization Co., Saudi vitrified clay pipes co., Southern Province Cement Co., Yanbu Cement Co., Saudi Real Estate Co., Saudi Research and Marketing Group, Salama Cooperative Insurance Co , Sanad Insurance and Reinsurance Cooperative Company, Gulf Union Cooperative Insurance Company, Allied Cooperative Insurance Group (ACIG), Arabia Insurance Cooperative Company, Bupa Arabia for Cooperative Insurance, ACE Arabia Cooperative Insurance Company, AXA Cooperative Insurance Company, Al Alamiya for Cooperative Insurance Company, Saudi Paper Manufacturing Co., Eastern Province Cement Co., Tihama Advertising & Public Relations Co., Jarir Marketing Co, Jazan Development Co., Saudi Indian Company for Co- operative Insurance, Al-Rajhi Company for Cooperative Insurance, Yamama Cement Company, Mouwasat Medical Services Company, National Agriculture Development Co. (NADEC), Saudi United Cooperative Insurance Company (Walaa),  Al-Ahlia Insurance Company) during the period from 06/03/2010 until 28/07/2010. These practices formed manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The following fines and sanctions shall be applied:

  1. Imposition of a penalty amounting to (SR. 520,000) Five Hundred and Twenty Thousand Saudi Riyals for these violations.
  2. Oblige him to pay (SR 92,380.75) Ninety Two Thousand, Three Hundred and Eighty Riyals and Seventy Five Halalas to CMA’s account for the illegal profits in his investment portfolio.
  3. He shall refrain from trading the shares of listed companies (buying) for one year.
  4. He shall refrain from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant for one year.
  5. He shall refrain from working in listed companies for one year.

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.