CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 19-7-1432H/21-6-2011 regarding the lawsuit filed by the Capital Market Authority (CMA) against Saleh Bin Eisa Alkinany Alzahrany. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD)  convicting the defendant of violating Article (49) of the Capital Market Law as well as Article (2) and Article (3) of the Market Conduct Regulations when trading the shares of the  Saudi Arabian Cooperative Insurance Company during the period from 1/12/2007 until 31/1/2008. These practices formed manipulation and fraud and created a misleading impression. In addition, the ruling of ACRSC upheld the decision to convict the defendant to the charges of violating Article (60) of the Capital Market Law and Article (5) of the Securities Business Regulations. That is during his management to several portfolios for several investors without being authorized by CMA. The following fines and sanctions shall be applied:

1. Impose a fine on him amounting to (SR. 200,000) Two Hundred Thousand Saudi Riyals.
2. He shall refrain for three years from trading through the purchase of shares in companies listed in the Exchange Market.
3. He shall refrain for three years from working in companies of which their shares are traded in the Exchange Market.
4. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.

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.