​The Capital Market Authority announces that the Appeal Committee for Resolution of Securities Disputes has issued its decision dated 4/11/1439H corresponding to 17/7/2018G on the lawsuit filed by The Public Prosecution (referred to it by the Capital Market Authority) against Fahad  bin Abdulrahman bin Abdullah Alsmari. The verdict concluded with the conviction of the defendant of violating Article (49) of the Capital Market Law and Article (2) of the Market Conduct Regulations when trading the shares of Takween Advanced Industries Co., United Wire Factories Co., National Petrochemical Co., Saudi Arabia Refineries Co., Saudi Ceramic Co., The National Company for Glass Industries, Alujain Corp., Filing and Packing Materials Manufacturing Co., Saudi Industrial Services Co., Nama Chemicals Co., National Metal Manufacturing and Casting Co., Zamil Industrial Investment Co., Al-Babtain Power and Telecommunication Co., Rabigh Refining and Petrochemical Co., Tabuk Cement Co., Dallah Healthcare Co., National Shipping Company of Saudi Arabia, Saudi Automotive Services Co., Aseer Trading, Tourism and Manufacturing Co., Taiba Holding Co., Makkah Construction and Development Co., Batic Investments and Logistics Co., Saudi Industrial Export Co., Aldrees Petroleum and Transport Services Co., Alkhaleej Training and Education Co., Halwani Bros. Co., Jazan Energy and Development Co., during the period from 12/3/2014G until 9/6/2014G. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the security of the mentioned companies. The Committee decision included the imposition of a number of penalties on the defendant, detailed as follows:

1) Imposing a fine on him amounting to (460,000) Four Hundred and Sixty Thousand Riyals.

2) Obliging him to pay (2,902,218.80) Two Millions, Nine Hundred and Two Thousand, Two Hundred and Eighteen Riyals and Eighty 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.

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.