​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 22/09/1437H corresponding to 27/06/2016 regarding the lawsuit filed by the Capital Market Authority against Eyad bin Abdulrahman bin Mohammad Albabtain. The defendant was convicted of violating Article (49) of the Capital Market Law and Article (2) and paragraph (b) of Article (3) of the Market Conduct Regulations  for trading the shares of the following companies: (Basic Chemical Industries Co. , The National Company for Glass Industries, Saudi Paper Manufacturing Co. , Abdullah Al Othaim Markets Co. , Al Sorayai Trading and Industrial Group, Al-Babtain Power and Telecommunication Co.  and  Al-Jouf Agricultural Development Co.) during the period between 04/06/2011 until 27/11/2012. These practices formed manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The Appeal Committee's decision included the imposition of a fine  in the amount of 670,000 Six Hundred and Seventy Thousand Riyals and oblige him to pay 124,294.65  One Hundred and Twenty Four Thousand and Two Hundred and Ninety Four Riyals and Sixty Five Halalas to CMA's account for the illegal profits in his investment portfolio.

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 and whoever is affected by these acts can file a suit for compensation to the committee as per Article fifty seven of the Law. This must be preceded by a complaint filed to the Authority.