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An announcement by the Capital Market Authority regarding the issuance of the final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) to convict the violators of the Capital Market Law and its implementing regulations

CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 23-1-1432H/29-12-2010 regarding the case raised by CMA against Saeed bin Mohammad bin Nasser Al Jar Allah, Jar Allah bin Mohammad bin Nasser Al Jar Allah, and the investor Nasser bin Mohammad bin Nasser Al Jar Allah for the violations occurred during their trading of Saudi Fisheries Co. share during the period from 30-8-2006 until 2-10-2006. The final decision affirmed (CRSD)'s decision to convict the accused with the violations they were charged with and imposition penalties and sanctions according to the following:

First: Saeed bin Mohammad bin Nasser Al Jar Allah’s violation to Article 49 of the Capital Market Law was proven as well as his violation of Articles 2 and 3 of the Market Conduct Regulations . The imposition of the following penalties and sanctions is in order:

1- Oblige him to pay all the revenue, as a result of these violations, to the CMA account. The total amount is ((7,476,669.30 Seven Million, Four hundred and Seventy Six Thousand, Six Hundred and Sixty Nine Riyals and Thirty Halalas.

2- Imposition of a penalty of (100,000) One Hundred Thousand Riyals as a result of his violations.

3- Oblige him to refrain from trading by buying the shares of the listed companies in the stock market for five years.

4- Prevent him from working in the companies that have shares traded in the stock market for five years.

5- Prevent him from engaging in brokerage and portfolio management as well as working as an investment consultant for five years.

Second: Jar Allah bin Mohammad bin Nasser Al Jar Allah’s violation to Article 49 of the Capital Market Law was proven as well as his violation of Articles 2 and 3 of the Market Conduct Regulations . The imposition of the following penalties and sanctions is in order:

1- Imposition of a penalty of (100,000) One Hundred Thousand Riyals as a result of his violations.

2- Oblige him to refrain from trading by buying the shares of the listed companies in the stock market for five years.

3- Prevent him from working in the companies that have shares traded in the stock market for five years.

4- Prevent him from engaging in brokerage and portfolio management as well as working as an investment consultant for five years.

Third: It has been proofed that Jar Allah bin Mohammad Al Jar Allah have exercised the violating acts in the jurisdiction in which the lawsuit is brought on his client’s portfolio who is the investor Nasser bin Mohammad bin Nasser Al Jar Allah. The investor was obliged to pay the revenues gained as a result of the violating acts done by his representatives to CMA’s account. The total amount was (191,934) One Hundred and Ninety One Thousand, Nine Hundred and Forty Three Riyals.

By that, CMA insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.