CMA announces a decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 14-4-1433H/7-3-2012 regarding the case raised by CMA against Salman bin Mohammad bin Abdullatif Al-Nuaim. The final decision affirmed (CRSD)'s decision to convict the accused with the violation of Article (49) of the Capital Market Law as well as Articles 2 and 3 of the Market Conduct Regulations during his trading of the shares of Tihama Advertising & Public Relations Co., Saudi Ceramic Co., Bank ALBilad, Saudi vitrified clay pipes co., Saudi IAIC Cooperative Insurance CO, SABB Takaful, Saudi Electricity Company, Saudi United Cooperative Insurance Company, Rabigh Refining and Petrochemical Co, Saudi Basic Industries Corp., Al Rajhi Bank, Al-Ahlia Insurance Company, National Agriculture Marketing Co., Ash-Sharqiyah Development Company, Yanbu National Petrochemical Company, Alujain Corporation, Saudi Industrial Services Co., Saudi Telecom, Jabal Omar Development Company, Al-Baha Investment & Development co, The National Shipping Co. of Saudi Arabia during the period from 6/1/2007 until 31/7/2007 and the period from 2/3/2008 until 30/4/2008. These practices formed manipulation and fraud and created a misleading impression. The imposition of the following penalties and sanctions is in order:
- Oblige him to pay all the revenue, as a result of these violations, to the CMA account. The total amount is (2,268,555.56) Two Million, Two Hundred and Sixty Eight Thousand, Five Hundred and Fifty Five Riyals and Fifty Six Halalas.
- Imposition of a penalty of (420,000) Four Hundred and Twenty 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 one year.
4. Prevent him from working in the companies that have shares traded in the stock market for one year.
5. Prevent him from engaging in brokerage and portfolio management as well as working as an investment consultant for one year.
