​The Capital Market Authority (CMA) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision convicting an investor for violating Paragraph (b) of Article 211 of the Companies Law issued by Royal Decree No. (M/3) dated 28/01/1437 H, and imposing a fine of SAR 3.25 million on him, and imprisoning him for a period of (90) days.

According to the ACRSD, the final decision was issued convicting Sari bin Ibrahim bin Abdulkarim Almayouf for using, in his former capacity as a Member of Board of Directors and Managing Director of the National Company for Agricultural Marketing (Thimar), the funds of the National Company for Agricultural Marketing (Thimar) against its interests to achieve personal goals and favoring one company with which he has interests, by transferring funds to the bank account of one establishment - which the convicted person is in a friendship and commercial relationship with the owner of such establishment - without documenting and maintaining invoices that prove such transfers, in addition to the act of such establishment when transferring portion of such amounts to one company with which the convicted person has interests, without the existence of any justification of such bank transfers.

The ACRSD's decision came as a result of joint coordination and cooperation between the CMA and the relevant concerned authorities, and in light of the public penal lawsuit filed by the Public Prosecution, referred to it by the CMA, against the violator.

The CMA stresses the importance of investors' confidence in the capital market for its growth and prosperity. The CMA continuously monitors any violating behaviors of the Capital Market Law, its Implementing Regulations, and the regulations enforced by the CMA, identifies the perpetrators, and processes the necessary procedures to impose deterrent penalties against them, in order to enhance the CMA's efforts aimed at creating an attractive investment environment to all categories of investors and safe from unfair or unsound practices or that involve fraud, cheating, deception or manipulation.

Furthermore, any person affected by the violation, in this case, is entitled to file a compensation claim (as individual or class action) against the convicted person with the Committee for Resolution of Securities Disputes (CRSD) for the damage he/she suffered from the violation, provided that such claim is preceded by a complaint filed with the CMA on this regard, via the following link: (File Complaint​). The General Secretariat of the Committee for Resolution of Securities Disputes (GS-CRSD) will announce to the public on its website in case of registering any class action in order to enable the rest of investors affected by such violations to apply to the CRSD to join the class action.

For further announcement's details, kindly visit the official website of General Secretariat of the Committees for Resolutions of Securities Disputes, via the following link:

Announcement from the General Secretariat of the Committees for Resolution of Securities Disputes Click Here