CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) dated 18-09-1435H corresponding to 15-07-2014 regarding the lawsuit filed by the Capital Market Authority (CMA) against Ali bin Ibrahim bin Talab Alshammari (the defendant). The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) to convict 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 Saudi Basic Industries Corp, Saudia Dairy and Foodstuff .Co, Saudi Arabia Refineries Co., Al-Baha Investment and Development co, Al-Jouf Agriculture Development Co. , Almarai Company during the period from 12/07/2009 until 16/09/2009. These practices formed manipulation and fraud and created a misleading and incorrect impression. The decision obliges the defendant to pay all the revenues he collected in his investment portfolio as well as his son’s due to these violations with a total amount of (SR 2,910,332.22) Two Million, Nine Hundred and Ten Thousand and Three hundred and Thirty Two Riyals and Twenty Two Halalas. A penalty is also imposed on him amounting to (SR. 300,000) Three Hundred Thousand Saudi Riyals as a result of these violations.

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.