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Published on the same date

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 violators of the Capital Market Law and its Implementing Regulations

CMA announces the issuance of a final decision by the CRSD on 20-11-1433H corresponding to 6/10/2012 which became executed on 25/3/1434H corresponding to 6/2/2013 regarding the case raised by CMA against Mohammed Bin Ayedh Bin Saeed Alshahrani, Hilal Bin Issa Bin Nasser Alabdulhai and Othman Bin Nabet Bin Saeed Alshahrani. The final decision was to convict the accused of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations. They practiced securities business without an approved authorisation by CMA. The following fines and sanctions shall be applied:

First: Mohammed Bin Ayedh Bin Saeed Alshahrani:
  1. Imposition of a penalty of (SR 100,000) One Hundred Thousand Saudi Riyals.
  2. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.
Second: Hilal Bin Issa Bin Nasser Alabdulhai:
  1. Imposition of a penalty of (SR 80,000) Eighty Thousand Saudi Riyals.
  2. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.

Third: Othman Bin Nabet Bin Saeed Alshahrani:
  1. Imposition of a penalty of (SR 80,000) Eighty Thousand Saudi Riyals.
  2. 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.