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An Announcement by the Capital Market Authority regarding the issuance of the final decision by The Committee for the Resolution of Securities Disputes (CRSD) to convict a violator of the Capital Market Law and its Implementing Regulations

CMA announces the issuance of a final decision by the CRSD on 24-11-1432H corresponding to 22-10-2011 regarding the case raised by CMA against Haitham bin Anwar bin Ali Ghonaim. The final decision was to convict the accused of violating Article (31) of the Capital Market Law and Articles (5) of the Securities Business Regulations. He carried on securities business without an approved authorisation by CMA. The following fines and sanctions shall be applied:

1-Impose a fine on him amounting to (SR. 10,000) Ten Thousand Saudi Riyals.

2-He shall refrain for a year from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultasnt.

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.