The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 21/01/1438H corresponding to 22/10/2016 regarding the lawsuit filed by the Bureau of Investigation and Public Prosecution against Ahmad bin Mohammed bin Alsalh Alsaif (which was referred to it by the Capital Market Authority). The decision convicted the defendant for violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations for trading the shares of the following companies: (Saudi Cable Co., Advanced Petrochemical Co., Hail Cement Co., Takween Advanced Industries Co. and AXA Cooperative Insurance Co.) during the period from 02/12/2013 until 23/12/2013. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The Appeal Committee for the Resolution of Securities Disputes decision included obliging him to pay (205,375.60) Two Hundred and Five Thousand, Three Hundred and Seventy Five Riyals and Sixty Halalas to Capital Market Authority’s account for the illegal gains in his investment portfolio. In addition, the decision imposed a fine on him in the amount of (80,000) Eighty Thousand Riyals.

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 (57) of the Capital Market Law, this must be preceded by a complaint filed to the CMA.