The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 10/11/1438H corresponding to 02/08/2017G on the lawsuit filed by The Public Prosecution against Mohammed Bin Mubark Bin Hamdan Almutairi (which was referred from the Capital Market Authority). The decision convicted the defendant for violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations when he traded the shares of the National Agricultural Marketing company (Thimar) during the period from 01/05/2014 until 05/05/2014. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the security of the mentioned companies. The Appeal Committee's decision included imposing a number of penalties on the defendant, detailed as follows:
- Imposing a fine on him of (40,000) Forty Thousand Riyals.
- Obliging him to pay (183,450.75) One Hundred Eighty Three thousand, Four Hundred Fifty Riyals and Seventy Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio that realized as a consequences of his violations.
- Refraining him 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.
