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An Announcement from the Capital Market Authority regarding the decision issued by The Appeal Committee for the Resolution of Securities Disputes to convict a violator 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 19/05/1437H corresponding to 28/02/2016 regarding the lawsuit filed by the Capital Market Authority against Yousef bin Ibraheem bin Ali Alhweirene. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendant for violating Article (49) of the Capital Market Law and Article (2) and Article (3) of the Market Conduct Regulations for trading the shares of the following companies: (Alahli Takaful Co., Basic Chemical Industries Co. , Saudi Steel Pipe Co. , Saudi Arabia Refineries Co. ,  Saudi Industrial Development Co. , Nama Chemicals Co. , Middle East Specialized Cables Co. , National Agricultural Marketing Co. , Saudi Research and Marketing Group, Saudi Integrated Telecom Company, Allianz Saudi Fransi Cooperative Insurance Co. ,  Arabia Insurance Cooperative Co. , Bupa Arabia for Cooperative Insurance Co. , Wataniya Insurance Co. , Saudi Transport and Investment Co. , Filing and Packing Materials Manufacturing Co. ,  Malath Cooperative Insurance and Reinsurance Co. , Al-Ahlia Insurance Co. , Allied Cooperative Insurance Group, ACE Arabia Cooperative Insurance Co., Buruj Cooperative Insurance Co. , Amana Cooperative Insurance Co. , Saudi Enaya Cooperative Insurance Co. ) during the period from 02/11/2011 until 26/06/2012. These practices formed manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The following fines and sanctions shall be applied:

  1. oblige him to pay (1,974,269.20) One Million and Nine Hundred and Seventy Four Thousand and Two Hundred and Sixty Nine Riyals and Twenty Halalas to CMA's account for the illgal profits in his investment portfolio.
  2. Impose a fine on him in the amount of 340,000 Three Hundred and Forty Thousand Riyals.
  3. He shall refrain from trading the shares of companies listed in the Saudi Stock Exchange (buying) for three years.
  4. He shall refrain from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant for three years.
  5. He shall refrain from 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.