The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 10/05/1438H corresponding to 7/02/2017 on the lawsuit filed by the Capital Market Authority against Ra'ed Abdulrahman Abdulaziz Almisha'al. The Appeal Committee's decision endorsed the decision of the Committee for the Resolution of Securities Dispute that 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 (Aljazira Bank, Albilad Bank, The National Petrochemical Company and Al-Babtain Power and Telecommunication) during the period from 06/11/2012 until 27/04/2013. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the security of the mentioned companies. The Appeal Committee for the Resolution of Securities Disputes decision included imposing a number of penalties on the defendant, detailed as follows:
1.Obliging him to pay (5,406,326.10) Five Millions, Four Hundred and Six Thousand, Three Hundred and Twenty Six Riyals and Ten Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolios.
2.Imposing a fine of (400,000) Four Hundred Thousand Riyals for these violations.
3.Restraining him from trading (buying) the shares of companies listed on the Saudi Stock Exchange for three months, either in person or on behalf on someone else, starting from the issuance date of this decision.
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.
