​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated H1437/11/17 corresponding to 2016/08/20 regarding the lawsuit filed by the Capital Market Authority against Abdullah bin Mohammed bin Abdullah Al-Othman. The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendants for violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations for trading the shares of the following companies: (ACE Arabia Cooperative Insurance Co., Al Alamiya for Cooperative Insurance Co., Saudi Indian Company for Cooperative Insurance) during the period between 2012/06/06 until 2012/10/03, and the period between 2012/12/23 until 2013/02/06, and the period between 2013/01/08 until 2013/04/10. 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. Impose a fine on him in the amount of 345,000 Three Hundred and Forty Five Thousand Riyals.
2. Oblige him to pay 4,601,025.25 Four Million and Six Hundred and One Thousand and Twenty Five Riyals and Twenty Five Halalas to the CMA's account for the illegal gains in his investment portfolio.

The decision also included obliging a number of investors to pay 4,305,033.25 Four Million and Three Hundred and Five Thousand and Thirty Three Riyals and Twenty Five Halalas to CMA's account for the illegal gains in their investment portfolios as a result of the violations made by the defendant Abdullah bin Mohammed bin Abdullah Al-Othman.

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, and whoever is affected by these acts can file a suit for compensation to the committee as per Article 57of the Law. This must be preceded by a complaint filed to the Authority.