ع

Published on the same date

An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes to convict violators of the Capital Market Law and its implementing regulations

​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 13/02/1437H corresponding to 25/11/2015 regarding the lawsuit filed by the Capital Market Authority against Saleh bin Hasan bin Abdullah Alafaliq, Abdullatif bin Mohammad bin Ahmed Alafaliq, Nadia bint Abdullah bin Ali Alrashid, Eman bint Abdullah bin Ali Alrashid, and Abdulaziz bin Saleh bin Abdulaziz Alrashid. The decision proved the defendants’ violation of Article (50) of the Capital Market Law and Article (5) and Article (6) of the Market Conduct Regulations for trading the stocks of Al-Ahsa Development Co. based on inside information obtained from the defendant Saleh Alafaliq considering his position in the company; The decision included applying the following fines and sanctions:

First: The Defendant/ Saleh bin Hasan bin Abdullah Alafaliq

  1. Impose a fine on him in the amount of 100,000 One Hundred Thousand Riyals.
  2. He shall refrain from working in companies listed in the Saudi Stock Exchange for three years.

Second: The Defendant/ Abdullatif bin Mohammad bin Ahmed Alafaliq

  1. Oblige him to pay 230,989 Two Hundred and Thirty Thousand and Nine Hundred and Eighty Nine Riyals to CMA’s account for the illegal profits in his investment portfolio.
  2. Impose a fine on him in the amount of 80,000 Eighty Thousand Riyals.

Third: The Defendant/ Nadia bint Abdullah bin Ali Alrashid

  1. Oblige her to pay 174,650 One Hundred and Seventy Four Thousand and Six Hundred and Fifty Riyals to CMA’s account for the illegal profits in her investment portfolio.
  2. Impose a fine on her in the amount of 30,000 Thirty Thousand Riyals.

Fourth: The Defendant/ Eman bint Abdullah bin Ali Alrashid

  1. Oblige her to pay 45,346 Forty Five Thousand and Three Hundred and Forty Six Riyals to CMA’s account for the illegal profits in her investment portfolio.
  2. Impose a fine on her in the amount of 50,000 Fifty Thousand Riyals.

Fifth: The Defendant/ Abdulaziz bin Saleh bin Abdulaziz Alrashid

  1. Oblige him to pay 566,570 Five Hundred and Sixty Six Thousand and Five Hundred and Seventy Riyals to CMA’s account for the illegal profits in his investment portfolio.
  2. Impose a fine on him in the amount of 80,000 Eighty Thousand Riyals.

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.