The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 03/08/1437H corresponding to 10/05/2016 regarding the lawsuit filed by the Capital Market Authority against Marwan bin Saleh bin Abdulrahman Aldhaif. 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: (National Metal Manufacturing and Casting Co. , Wafrah for Industry and Development Co. , Saudi Advanced Industries Co. , National Agricultural Marketing Co. ) during the period from 20/11/2010 until 09/05/2011. 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 120,000 one hundred and twenty thousand riyals.
- Oblige him to pay (672,247.30), six hundred and seventy-two thousand, two hundred and forty-seven riyals and thirty Halalas.
- 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 nine months.
The decision also included obliging an investors to pay 1,042,764.30 million and forty-two thousand, seven hundred and sixty-four riyals Thirty Halalas to CMA's account for the illegal profits in her investment portfolios as a result of the violations made by the defendant Marwan bin Saleh bin Abdulrahman Aldhaif.
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.
