The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 02/11/1436H corresponding to 17/08/2015 regarding the lawsuit filed by the Capital Market Authority against Saad bin Mubarak bin Mohsen Al-Qarnain Al-Dawsary, Zaid bin Abdullah bin Mohammad Al-Shathry, Nawaf bin Matar bin Bajad Al-Rahmani Al-Begamy, and Mohammad bin Ali bin Saeed Al-Maqbool Al-Ghamdi. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendants for violating Article (3) of the Offers of Securities Regulations which states that securities may not be offered in the Kingdom except in accordance with these Regulations and Article (8) of the same Regulations which states that Securities may not be offered bay way of public offer unless all the requirements and conditions provided for in the Listing Rules have been fulfilled. The defendants offered securities to the public and invited them to subscribe in the shares of Aljazeera Cement Co. through its website and through issuing participating forms (prospectus) and distribute it on the public without getting CMA’s consent and fulfilling the rules and regulations of the Capital Market Law and its implementing regulations. The decision included applying the following fines and sanctions:
- Impose a fine on the defendant Saad bin Mubarak bin Mohsen Al-Qarnain Al-Dawsary in the amount of 100,000 One Hundred Thousand Saudi Riyals.
- Impose a fine on the rest of the defendants in the amount of 50,000 Fifty Thousand Saudi Riyals each.
- Refrain the defendants form working in companies listed in the Saudi Stock Exchange for three years.
The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.
