​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 29/02/1437H corresponding to 11/12/2015 regarding the lawsuit filed by the Capital Market Authority against Abdullatif bin Za’al bin Shinwan Alenezi. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendants for violating Article (49) of the Capital Market Law and Article (2) and Article (3) of the Market Conduct Regulations for trading the shares of the following companies: (Al-Ahsa Development Co., Middle East Specialized Cables Co., Al Jouf Cement Co., Al-Baha Investment and Development Co., Saudi Industrial Export Co.,  National Agricultural Marketing Co, Emaar The Economic City, Allianz Saudi Fransi Cooperative Insurance Co., Salama Cooperative Insurance Co., Saudi Re for Cooperative Reinsurance Co., AXA Cooperative Insurance Co., Amana Cooperative Insurance Co., Buruj Cooperative Insurance Co.) 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. Oblige him to pay 255,974.60 Two Hundred and Fifty Five Thousand, Nine Hundred and Seventy Four Riyals and Sixty Halalas to CMA’s account for the illegal profits in his investment portfolio.
2. Impose a fine on him in the amount of 460,000 Four Hundred and Sixty Thousand Riyals.
3. He shall refrain from trading the shares of companies listed in the Saudi Stock Exchange(buying) for three years.
4. He shall refrain from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant for three years.
5. He shall refrain from working in listed companies for three year.
   

The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.