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An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes to convict a violator of the Capital Market Law and its implementing regulations

​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 21/04/1437H corresponding to 31/01/2016 regarding the lawsuit filed by the Capital Market Authority against Nabeel bin Ma'eedh bin Yahya Alkahtani (defendant). The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendant 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: (Bank Aljazira, Tihama Advertising and Public Relations Co., Al-Baha Investment and Development Co., Saudi Industrial Export Co., Tourism Enterprise Co., National Agricultural Development Co., Tabuk Agricultural Development Co., Saudi Fisheries Co., Arabian Pipes Co., National Metal Manufacturing and Casting Co., Southern Province Cement Co., Saudi Real Estate Co., Saudi Automotive Services Co., Bishah Agricultural Development Co. ) during the period from 09/05/2006 until 30/01/2007. These practices formed manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The Appeal Committee decision included applying the following fines and sanctions:

  1. Oblige him to pay (157,136,054.50) One Hundred and Fifty Seven Million and One Hundred and Thirty Six Thousand and Fifty Four Riyals and Fifty Halalas to Capital Market Authority’s account for the gains in his investment portfolio that  realized as a consequences of his violations.
  2. Imposition of a fine of (1,290,000) One Million and Two Hundred and Ninety Thousand Riyals.
  3. Refrain the defendant from engaging in brokerage activities, portfolio management and  working as an investment consultant for three years.
  4. Refrain the defendant from trading the shares (buying) of listed companies for three years.
  5. Refrain the defendant 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 investors from illegal acts.