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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 24/07/1437H corresponding to 01/05/2016 regarding the lawsuit filed by the Capital Market Authority against Sami mkhdor Awish almhamadi. 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: (Almasafi, sidc, Al Bilad Bank, Cables, Al-Ahsa , nama, Al Bahah, Thimar, Shams, Zain,  Chemanol, Kayan, Najran Cement , Emaar, Jabalomar, Dar Al-Arkan , Knowledge Economic City, and Etihad Atheeb) during the period from 21/11/2011 until 25/06/2012. 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:

  1. Impose a fine on him in the amount of  (610,000) Six Hundred and Ten Thousand Riyals.
  2. Oblige him to pay (1,615,265.35) One Million, Six Hundred and Fifteen Thousand, Two Hundred and Sixty five Riyals, and Thirty Five Halalas.
  3. He shall refrain from trading the shares of companies listed on the Saudi Stock Exchange (buying) whether in person or on behalf of someone else 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.