The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 21/06/1437H corresponding to 30/03/2016 regarding the lawsuit filed by the Capital Market Authority against Hashim bin Ali bin Abdullah Alesayi . 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: (Anaam International Holding Group, Saudi United Cooperative Insurance Co. , Wataniya Insurance Co. , Amana Cooperative Insurance Co.) during the period from 05/08/2012 until 06/11/2012.
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:
- Impose a fine on him in the amount of 290,000 Two Hundred and Ninety Thousand Riyals.
- Oblige him to pay 1,436,751.50 One Million and Four Hundred and Thirty Six Thousand and Seven Hundred and Fifty One Riyals and Fifty Halalas to CMA’s account for the illegal profits in his investment portfolio.
- He shall refrain from trading the shares of companies listed in the Saudi Stock Exchange (buying) for six months.
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.
