The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 02/01/1438H corresponding to 03/10/2016 regarding the lawsuit filed by the Capital Market Authority against Othman bin Ahmed AlHassan Ahmed. 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) of the Market Conduct Regulations for trading the shares of the Middle East Specialized Cables (MESC) Company during the period from 22/09/2012 until 05/02/2013. These practices formed manipulation and fraud and created a misleading and incorrect impression about the mentioned company. The Appeal Committee for the Resolution of Securities Disputes decision included impose a fine on him in the amount of 50,000 Fifty Thousand Riyals. In addition, the decision obliged another investor to pay the amount of 1,493,354.35 One Million, Four Hundred and Ninety-Three Thousand, Three Hundred and Fifty-Four Riyals and Thirty-Five Halalas to the Capital Market Authority account for the illegal profits made on her investment portfolios due to the unlawful trades committed by the convicted Othman bin Ahmed Hassan Ahmed.

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 (57) of the Capital Market Law, this must be preceded by a complaint filed to the CMA.