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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 Convicting 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 4/6/1439H corresponding to 20/2/2018 on the lawsuit filed by the Capital Market Authority against Abdulmohsn bin Mohammed bin Saleh Aldubaikhi, Bader bin Abdulmohsn bin Abdulrahman Almohisen, Ibrahim bin Abdulaziz bin Ali Alhnaya, Mohammed bin Abdulaziz bin Ali Alhnaya and Fahad bin Mohammed bin Abdulaziz Alhussiny. The verdict concluded with the conviction of the defendants of violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations when trading the shares of Aseer Trading, Tourism and Manufacturing Co., during the period from 4/12/2011G until 14/3/2012G. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the security of the mentioned company. The Appeal Committee decision included the imposition of a number of penalties on the defendants, detailed as follows:

First defendant: (Abdulmohsn bin Mohammed bin Saleh Aldubaikhi)

  1.  Imposing a fine on him amounting to(100,000)One Hundred Thousand Riyals.
  2.  Obliging him to pay(738,914.60)Seven Hundred and Thirty Eight Thousand, Nine Hundred and Fourteen Riyals and Sixty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
  3.  Prohibiting him from trading (buying) the shares of companies listed in the Saudi Exchange, whether in person or on behalf of others, for three months.

Second defendant: (Bader bin Abdulmohsn bin Abdulrahman Almohisen)

  1.  Imposing a fine on him amounting to(100,000)One Hundred Thousand Riyals.
  2.  Obliging him to pay(37,060.60)Thirty Seven Thousand, Sixty Riyals and Sixty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
  3.  Prohibiting him from trading (buying) the shares of companies listed in the Saudi Exchange, whether in person or on behalf of others, for three months.

 Third defendant: (Ibrahim bin Abdulaziz bin Ali Alhnaya)

  1.  Imposing a fine on him amounting to(100,000)One Hundred Thousand Riyals.
  2.  Obliging him to pay(79,241.90)Seventy Nine Thousand, Two Hundred and Forty One Riyals and Ninety Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
  3.  Prohibiting him from trading (buying) the shares of companies listed in the Saudi Exchange, whether in person or on behalf of others, for three months.

Fourth defendant: (Mohammed bin Abdulaziz bin Ali Alhnaya)

  1.  Imposing a fine on him amounting to(40,000)Forty Thousand Riyals.
  2.  Obliging him to pay(20,858.65)Twenty Thousand, Eight Hundred and Fifty Eight Riyals and Sixty Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
  3.  Prohibiting him from trading (buying) the shares of companies listed in the Saudi Exchange, whether in person or on behalf of others, for three months.

Fifth defendant: (Fahad bin Mohammed bin Abdulaziz Alhussiny)

lapsing of the criminal case with the death of Fahad bin Mohammed bin Abdulaziz Alhussiny.

The Capital Market Authority affirms on its devotion to apply the Capital Market Law and its Implementing Regulations as well as protecting the investors from illegal practices, and whoever is affected by these practices 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)