The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 17/05/1438H corresponding to 14/02/2017G on the lawsuit filed by the Capital Market Authority against Faisal Turki Faisal Al-Saud. The decision convicted the defendant of violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations by trading the shares of (SANAD Cooperative Insurance, Saudi Indian Company for Cooperative Insurance, ACE Arabia Insurance and Al Alamiya Insurance Company) during the period from 03/12/2012 until 28/05/2013. 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:
- imposing a fine on him of (400,000) Four Hundred Thousand Riyals.
- obliging him to pay (7,406,333.95) Seven Millions, Four Hundred and Six Thousand, Three Hundred and Thirty Three Riyals and Ninety Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolios.
- Restraining him from trading (buying) the shares of listed companies for a period of three months, either in person or on behalf of someone else.
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.
(To view the security and the date on which the suspected trading occurred, click here)
