The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 27/07/1437H corresponding to 04/05/2016 regarding the lawsuit filed by the Capital Market Authority against Abdulaziz bin Abdullah bin Abdulaziz Alshuqahy. 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: (Tourism Enterprise Co. , Red Sea Housing Services Co. , Alkhaleej Training and Education Co. , The Mediterranean and Gulf Insurance and Reinsurance Co. , Salama Cooperative Insurance Co. , Bupa Arabia for Cooperative Insurance Co. , Weqaya Takaful Insurance and Reinsurance Co. ) during the period from 01/10/2011 until 04/03/2013. 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:
- Impose a fine on him in the amount of 420,000 four hundred and twenty thousand riyals.
- Oblige him to pay 374,591.75 three hundred and seventy-four thousand, five hundred and ninety-one riyals and seventy-five halalas.
- He shall refrain from trading the shares of companies listed on the Saudi Stock Exchange (buying) whether in person or on behalf of someone else for six months.
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.
