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An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes to convict violators of the Capital Market Law and its implementing regulations

The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 12/09/1438H corresponding to 07/06/2017G regarding the lawsuit filed by the Capital Market Authority against Shaker bin Abdulaziz bin Abdullah Almutawa, Abdulaziz bin Sulaiman bin Aljaser Aldhowaihi,  and Ahmed bin Abdullah bin Hamad Altoaimi. The decision convicted the defendants for violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations by trading the shares of (Takween Advanced Industries Co., Al Sorayai Trading and Industrial Group, Saudi Real Estate Co., Saudi Industrial Development Co. (SIDC), and Saudi Steel Pipe Co.) during the period from 13/08/2012G until 25/12/2012G. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the security of the mentioned companies. The Appeal Committee decision included imposing a number of penalties on the defendants, detailed as follows:


First defendant: (Shaker bin Abdulaziz bin Abdullah Almutawa)

  1. Imposing a fine on him of (280,000) Two Hundred and Eighty Thousand Riyals.
  2. Obliging him to pay (22,831,668.15) Twenty Two millions, Eight Hundred and Thirty One Thousand, Six Hundred and Sixty Eight Riyals and Fifteen Halalas to the Capital Market Authority’s account for the illegal gains in his two investment portfolios.
  3. He shall refrain from trading (buying) the shares of companies listed on the Saudi Stock Exchange, whether in person or on behalf of others, for three months.

Second defendant: (Abdulaziz bin Sulaiman bin Aljaser Aldhowaihi)

  1. Imposing a fine on him of (350,000) Three Hundred and Fifty Thousand Riyals.
  2. Obliging him to pay (36,680,566.95) Thirty Six millions, Six Hundred and Eighty Thousand, Five Hundred and Sixty Six Riyals and Ninety Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolios.
  3. He shall refrain from trading (buying) the shares of companies listed on the Saudi Stock Exchange, whether in person or on behalf of others, for three months.

Third defendant: (Ahmed bin Abdullah bin Hamad Altoaimi)  

  1.  Imposing a fine on him of (190,000) One Hundred and Ninety Thousand Riyals.
  2. Obliging him to pay (22,452,980.55) Twenty Two millions, Four Hundred and Fifty Two Thousand, Nine Hundred and Eighty Riyals and Fifty Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
  3. He shall refrain from trading (buying) the shares of companies listed on the Saudi Stock Exchange, whether in person or on behalf of others, for three months.


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)