​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 30/01/1438H corresponding to 31/10/2016 regarding the lawsuit filed by the Capital Market Authority against Saleh bin Nasser bin Abdullah Alaifan. The decision convicted the defendant for violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations by trading the shares of the Saudi Hollandi Bank during the period from 02/01/2012 until 05/03/2013. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the mentioned company. The Appeal Committee for the Resolution of Securities Disputes decision included obliging him to pay (2,899,470.60) Two Millions, Eight Hundred and Ninety Nine Thousand, Four Hundred and Seventy Riyals and Sixty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolios. In addition, the decision imposed a fine on him in the amount of (380,000) Three Hundred and 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.